Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Syndicated Metals welcomes substantial shareholder

Syndicated Metals (ASX: SMD) has received a vote of confidence from National Health Recovery Agents, which has taken up a substantial shareholding in the company.

National Health spent $300,000 to acquire 6.1 million shares on December 1, 2012, giving it a 5.47% interest in Syndicated.

Syndicated recently launched a capital raising and share purchase plan with the aim of boosting copper and gold exploration near Mt Isa in Queensland.

The company plans to raise $902,250 through the placement of 10.6 million shares at $0.085 per share.

A further $1 million will be targeted through a share purchase plan being offered to existing shareholders at $0.085.

Funds raised will also be used to drill other priority iron oxide copper-gold targets including Andy’s Hill and Yamamilla and advance the mining and environmental studies on the Mount Remarkable copper-gold deposits – Barbara, Green Zone and Blue Star.

Syndicated had cash reserves at the end of the September quarter 2011 of $2.3 million.