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  • Minerals Corporation Raises Funds For DRC Exploration  0 comments
    Sep 25, 2013 7:54 PM

    Minerals Corporation (ASX: MSC) has raised $274,686.65 through a partially underwritten rights issue to underpin ongoing exploration, working capital and business development activities.

    The issue of 91,562,215 shares and represents a 37% take-up of the shares offer with the company receiving pre closure commitments to the shortfall for a further 29 million shares.

    It will now place the remaining shortfall of 131,627,032 shares to the underwriters.

    The company had sought to raise about $756,569 from the 5 for 8 issue of 252,189,549 new shares priced at $0.003 each. Each share includes a free attaching option exercisable at $0.01 on or before 31 December 2015.

    This is partially underwritten by certain shareholders including an entity associated with substantial shareholder Jane Valentine Whiddon and sophisticated investors for up to $500,000.

    Exploration to ramp up

    Proceeds will be used to evaluate and test a range of highly prospective targets identified within the Luishia, Kipita and Sakania East Project areas in the Democratic Republic of Congo.

    A ongoing desktop review of historical geophysical data is continuing to identify new targets that warrant a reprioritisation of the company's overall exploration plan.

    It plans to undertake a campaign of geological mapping of the identified targets at the Luishia and Kipita concessions and also sharpen its focus on the "Lubumbashi-based" Kisangwe and Kilobelobwe concessions.

    Luishia is adjacent to Tiger Resources' (ASX: TGS) Kipoi project, which hosts five known copper deposits with a current Resource of 49.6 million tonnes at 1.7% copper.

    Kipoi produced 11,116 tonnes of copper in the June quarter 2013 with Tiger noting it was producing copper in concentrate above guidance.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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