Underwriter Active Blue Pty Ltd will subscribe for or find third parties for the shortfall of 76,617,675 shares, bringing the total raised up to $542,978.
Proceeds from the entitlement issue and the recent $170,000 placement will be used to review new projects as well as carry out ongoing review, evaluation and exploration programs on existing projects.
Rubianna recently intersected gold at its Ruby Anna East prospect northeast of Meekatharra, Western Australia.
Results from the deep, broad spaced extensional drilling had included:
- 9 metres at 2.87 grams per tonne gold from 126 metres in RWRC0161; and
- 2 metres at 9.95 g/t Au from 14 metres, including 1m at 17.76 g/t Au from 141metres) in RWRC0196.
The regional exploration drill programme included a total of 63 RC drill holes for 5,703 metres designed to test extensions at depth to existing resources at Ruby Anna East, Golden Hope and Bloodstone.
This intersected the proposed target "quartz veining" as anticipated.
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