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Mining Group To Provide Capital Raising Update

Mining Group (ASX: MNE) has been granted a trading halt by the ASX as it prepares to release an announcement in relation to its capital raising activities.

The company is currently undertaking a fully underwritten non-renounceable entitlements issue to raise A$2.48 million to further advance its Comval Copper-Gold Project in the Philippines.

The new money raised, together with existing funds, will be allocated towards exploration and drilling programs at the Comval Project and target generation and reconnaissance field work at the Teutonic Project in Western Australia.

Funds will also be used to assess other opportunities which may fit Mining Group's strategy and for general working capital.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Tuesday 23 April 2013.

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.