Well Supported Capital Raising Oversubscribed
S2 Resources Ltd (ASX:S2R) has completed a placement to domestic and international institutional and sophisticated investors, raising approximately A$5 million.
The Placement was oversubscribed and was well supported by existing sophisticated and institutional shareholders.
The proceeds of the Placement will be used to advance the company’s ongoing exploration activities in Australia and Finland, and for general working capital purposes.
Exploration programmes for the September quarter include ongoing broad spaced step-out diamond drilling at the 100% owned Aarni’ gold prospect in Finland, diamond drill testing of the 100% owned Ruopas Isovaara nickel-copper-PGE electromagnetic (EM) target in Finland, and soil and EM surveys at the 100% owned West Murchison nickel-copper-PGE project in Western Australia.
Additionally, these funds will underpin ongoing exploration activities at the Jillewarra project in Western Australia, where S2 is earning a 70% interest, and also planned activities at the 100% owned belt-scale Koonenberry Ni-Cu-PGE project in New South Wales.
The company is also exposed to success of other gold projects in Finland where Canadian companies Kinross Gold and Rupert Resources are earning into its regional ground holdings under separate agreements collectively worth up to A$19.9 million.
Euroz Hartleys Limited and Bell Potter Securities Limited acted as joint lead managers to the Placement.
For further information please visit: http://www.s2resources.com.au/