Herdsman-based mineral sands explorer Olympia Resources Ltd has raised $3.134 million to fund the development of the Keysbrook Mineral Sands and Harts Range Garnet projects.
Herdsman-based mineral sands explorer Olympia Resources Ltd has raised $3.134 million to fund the development of the Keysbrook Mineral Sands and Harts Range Garnet projects.
The funds will also be used for drilling and exploration, capital expenditure and working capital purposes.
The company said the shares have been placed with institutional and sophisticated investors.
The placement was of 15.67 million new fully paid ordinary shares at 20 cents per share and was managed by BurnVoir Corporate Finance.
Olympia was first incorporated in 1997 and initially concentrated on developing the Harts Range Abrasives deposit near Alice Springs in the Northern Territory.
The company discovered the Keysbrook mineral sands deposit in the Southwest of Western Australia in 2003
Earlier this month, Olympia shipped the first cargo of zircon from its Indonesian operation to Chinese customers.
Olympia shipped 120 tonnes from Kalimantan, which is the first shipment of a 50,000 tonne offtake agreement lasting 10 years.
In March, the company signed access agreements to explore on three highly prospective zircon tenements in the mineral-rich Indonesian province of Kalimantan.
The tenements are located in the Kasongan and Tumbangsamaba regions of central Kalimantan and cover a total area of 2,913 hectares.
At 1000 WST, shares in Olympia were up 1 cent to 22 cents. The company listed on the ASX in August 2004.
Below is the announcement:
Olympia Resources Ltd (ASX Code: OLY) is pleased to announce the placement of 15,670,000 new fully paid ordinary shares at $0.20 per share to raise $3.134 million before costs. The placement was managed by BurnVoir Corporate Finance.
Funds raised under the placement will be utilised in the development of the Keysbrook Mineral Sands and Harts Range Garnet projects, drilling & exploration, capital expenditure and working capital.
These shares have been placed with institutional and sophisticated investors. Olympia Resources was particularly pleased with the level of demand from institutional investors. Settlement and allotment will occur today and once issued, the shares will rank pari passu with existing ordinary shares on issue.
An Appendix 3B relating to this placement will be lodged with the ASX in due course.
