The placement was carried out in two tranches, directors of the company provided 4,875,000 ordinary shares at $0.16 per share to raise $78,000, while 42,050,000 shares at $0.16 per share to raise $672,800 was subscribed for by clients of Bell Potter Securities and other investors.
The company said that a heritage protection survey was completed at its Fairwater Nickel Project tenements, and botanic survey and electromagnetic (EM) surveys are also scheduled to be conducted during September-October 2014.
Funds will also be used to soon conduct an EM survey and drilling at the Dingo Dam copper-gold prospect and results are expected to be announced by the end of this month.
In addition, soil geochemistry and drilling will also be carried out at the Acra Gold Project and Blair Nickel mine.
