Subiaco-based base metals explorer Graynic Metals Ltd has appointed Indian Ocean Capital to underwrite options worth $2.4 million, which are due to expire on October 31 this year.
Indian Ocean will also take on a further 3 million Graynic shares at 20 cents each in a placement raising $600,000 for the company.
The full text of a Graynic announcement is pasted below
Graynic Metals Limited ("Graynic" ASX: GYN) is pleased to announce that it has appointed Indian Ocean Capital Pty Ltd to underwrite Graynic's $0.20 (20 cent) options that expire on 31 October 2007. Graynic has 12,219,643 options on issue, which will deliver approximately $2.4 million in working capital to Graynic.
In addition, Graynic has reached agreement with Indian Ocean Capital Pty Ltd and other sophisticated investors for the placement of an additional three million (3 million) shares at $0.20 (20 cents) to Indian Ocean Capital Pty Ltd for a total sum of $600,000.
Graynic welcomes the support of Indian Ocean Capital as it looks to secure sufficient capital to progress Graynic's current exploration and drilling programmes in WA and NSW. In particular, Graynic is currently focusing on soil
sampling programmes at Copper Ridge, NSW and drilling programmes for its projects at Quartz Circle, WA and Gulf Creek, NSW. Results from these programmes will be announced in late 2007 and early 2008.
