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

Gunson Resources Raises Funds To Progress Coburn Mineral Sands Project

Gunson Resources (ASX:GUN) has raised a total of $314,105.83 before costs through its non-renounceable 1 for 5 entitlement offer.

Shareholders applied for 12,594,435 shares priced at $0.017 each while managing director Bill Bloking made a firm commitment for 5,882,353 shares under an underwriting agreement.

Proceeds from the entitlement offer and the earlier $300,000 placement will go towards working capital for operations and maintain permits and tenements through to June 2015 for its 'construction ready' Coburn Heavy Mineral Sands Project in Western Australia.

Gunson is seeking the entry of a strategic partner to assist with or take over the project's development.

It had offered up to 54,615,001 shares under the entitlement offer to raise up to $928,455.

The company had recently received approval from the Western Australia Department of Environment Regulation for its Mining Works Approval Application covering the first 5 years of mining operations.

Coburn has a Resource of 979 million tonnes and JORC Reserve of 308 million tonnes grading 1.2% heavy minerals.

Previous work means the project is construction ready.

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.