Lefroy approaches investors to fund Australian nickel and gold projects

From mining-technology.com

Australian gold explorer Lefroy Exploration has secured firm commitments to raise A$6.2m ($3.9m) through an oversubscribed placement to institutional investors. For this placement, Lefroy will issue a total of 38.75 million shares, each priced at A$0.16. This marks a 20% discount on the company’s stock close on 19 September and a 22.2% discount on its 15-day volume weighted average share price. The placement, which awaits shareholders’ approval, also includes a commitment from the company’s directors to invest around A$465,000. Lefroy will use the proceeds from the placement to speed up exploration at its ... (full story)