The two phase placement program is being made with clients of joint lead managers Peloton Capital and DJ Carmichael.
As per the arrangement, the company can issue 45,698,167 shares without shareholder approval to raise nearly $1.3m before costs. The second phase, however, will be subject to shareholders approval, for which it has scheduled a meeting in May 2013.
The funds would be used to for further drilling, exploration, mapping and sampling of De Soto and a geophysical program, Gap over the entire Blue Bell project, besides making first option payment.
Meanwhile, the company has recorded mineralization in 11 of the 12 holes during the drilling program at its flagship Blue Bell project.
