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Thursday, 5th March 2009 (1361 views)

Patagonia Gold has announced that it has raised a total of £9.3 million through an oversubscribed share placing.

The mining explorer placed around 116.5 million shares at 7.75p per share and the proceeds will be used to fund development work at its Cap Oeste, Lamada De Leiva and La Manchuria gold projects in South America.

A subscription of 3,477,517 new ordinary shares in the company was also placed to raise £9.3 million before expenses.

Broker Matrix Corporate Capital handled the share placing, which was oversubscribed and William Humphries, a director of Patagonia Gold, subscribed for 1.287 million shares.

The firm published a drilling report last month for the Cap Oeste project and updates on the Lamada De Leiva and La Manchuria properties.

Patagonia Gold has a series of permits and options to purchase property in the Patagonian region of Argentina and Chile, covering more than 7,000 sq km.

 

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