Gold and base metals explorer Anglo Australian Resources (ASX:AAR) has received firm commitments for an $11 million single-tranche placement.
The placement price is $0.17.
The company says that proceeds from the placement “will underpin extensive exploration and resource definition drilling programs at the Mandilla Gold Project”.
The project is located in Western Australia.
Shares in Anglo Australian Resources (ASX:AAR) are trading 5.4 per cent lower at 18 cents.