Vector Resources (ASX: VEC) has launched a Non-Renounceable Rights Issue priced at $0.03 on the basis of one ordinary fully paid share for every two shares held, which based on the current issued capital could raise up to $3.85 million.
Vector said the funds would be allocated to ongoing review, evaluation and exploration programs on existing projects, which includes its Gwendolyn Gold Project in Western Australia.
At Gwendolyn the company recently announced that it is finalising studies on a high grade toll treatment operation, with a mining proposal submitted, with approval pending.
Gwendolyn has delivered some bonanza grade gold results, including 1 metre at 339g/t gold from 13 metres at the end of 2012. Broader intersections included 11 metres at 49.48g/t gold from 10 metres.
The project consists of two tenements with historical gold mining. The tenements cover more than 487 hectares and lie within known gold producing areas.
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