Speewah Metals (ASX: SPM) will add over A$1 million to its cash reserves following the completion of a share purchase plan which will help drive the company's copper-gold exploration initiatives forward.
To fund ongoing exploration and development of Speewah's projects, the company previously launched a share purchase plan for shareholders to purchase up to $15,000 worth of fully paid ordinary shares in the company.
Demonstrating the solid support from investors in the current market, Speewah received applications and receipts for over 21 million shares at $0.05 each raising $1,052,750.
Tony Barton, chairman, told Proactive Investors last week that on completion of the capital raising and once Speewah received the R&D money back early in the March quarter of 2013, the company would be more than adequately funded to begin exploration.
"We're going to have more than enough money to fund a very extensive and detailed soil sampling program over those 23 different targets."
Just last week Speewah identified 10 additional conductor targets in a review of reprocessed versatile time-domain electromagnetic data collected in 2011 over its Speewah Dome Project.
All of these VTEM targets are coincident with faults and with several of the litho-structural targets that had previously been outlined in the September 2012 technical review.
Importantly, this provides higher confidence that these anomalies should be tested for copper-gold mineralisation as a priority.
The positive results from the VTEM modelling support the new copper-gold exploration strategy, which targets unexplored fault locations where the favourable felsic granophyre unit is likely to be present, and potentially close to surface.
Planning is now well advanced and preliminary site survey and helicopter reconnaissance will begin in the coming weeks.
Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.