South Boulder’s (ASX: STB) flagship project is the world class Colluli Potash Fertilizer Project in Eritrea where mine production of 1Mt p.a. is scheduled for 2016 or sooner from the world's first open cut potash mine.
South Boulder also operates the Duketon Project in Western Australia where there is demonstrated potential for gold, nickel sulphide and base metal mineralisation.
South Boulder Mines to raise $1.11 million to progress West Australian gold prospects
South Boulder Mines (ASX: STB) will raise about $1.11 million to advance exploration at the company's prospects in Western Australia.
The company announced a prorata non renounceable entitlement offer of up to 5.5 million fully paid ordinary shares in the capital of the Company at $0.20 on the basis of one new share for every ten 10 shares held on the record date, to raise approximately $1.11 million.
The record date for determining the entitlement for shareholders to participate in the Entitlement Offer is 7 December 2009.
The Entitlement Offer will raise approximately the funds beforecosts, assuming the Entitlement Offer is fully subscribed or that any shortfall is placed by the directors.
Managing director Lorry Hughes said the funds would be used to accelerate exploration of the company’s recent Terminator gold discovery as well as to step up exploration at a pipeline of other gold prospects within the Duketon Gold Project, located north of Laverton in Western Australia.
