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Vector Resources Raises A$1.2M In Entitlement Issue

Vector Resources (ASX: VRX) has closed its recent pro-rata non-renounceable entitlement issue, raising A$1.2 million.

The company plans to use the funds for the ongoing review, evaluation and exploration programs on existing projects, including its Gwendolyn Gold Project in Western Australia.

Vector received subscriptions for 40.5 million shares of the total 128.4 million shares offered on the basis of one new share for every two held at $0.03 per share.

The company is examining a potential high grade toll treatment operation at the Gwendolyn Project aimed at maximising margins and surplus cash flow.

In February Vector announced it was finalising studies to assess the technical and financial viability of toll treating ore from the high grade lodes at Gwendolyn.

As part of this, Vector has held advanced discussions with a nearby processor, the details of which will be disclosed when the findings of the studies are available.

The Gwendolyn Project consists of two tenements with historical gold mining. The tenements cover more than 487 hectares and lie within known gold producing areas.

Gwendolyn has delivered some bonanza grade gold results, including 1 metre at 339g/t gold from 13 metres at the end of 2012.

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