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Minerals Corporation Raises Funds For DRC Exploration

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.

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