Segue Resources
Segue Resources Ltd (ASX: SEG) is an Australian minerals exploration and development company with principal interests in base metals nickel, uranium, tin, tungsten, platinum group elements and iron ore.
Segue Resources $2.1 million raising to fund Emang Manganese JORC Resource
Thursday, February 23, 2012 by Christine Feary
Segue Resources (ASX: SEG) is cashed up to finalise the maiden JORC Resource at the Emang Manganese Project in South Africa this quarter after raising $2.079 million.
The money was raised through the issue of 69.3 million shares at $0.03 per share to sophisticated and institutional investors, with Patersons Securities as Sole Lead Manager.
Funds from the placement will be used to progress the Emang project, with completion of the maiden JORC Resource expected by the end of March.
A scoping study is also planned, along with an assessment of options for early cash flow.
Placement funds will also go towards the second tranche payment to Segue’s Black Economic Empowerment partner Emang Mmogo Mining Resources.
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