Liontown Resources (ASX: LTR) has raised $1 million as part of a strategy to the further exploration of the Company’s Mount Windsor Volcanics Project in North Queensland, where high grade gold and silver results have recently been announced.
The funds were raised by way of a placement of 20 million shares at 5 cents.
The exploration is targeting breccia-hosted and epithermal gold deposits, analogous to the nearby Mt Leyshon
and Pajingo gold deposits.
The placement is to clients of Southern Cross Equities which organised the placement and will be made without a disclosure document.
Shares in the Company, which anticipates the issue will be completed around 9 December 2009, increased 9.4% to 7c during the afternoon trade.