Aragon Resources (ASX:AAG) have closed the proposed 90,000,000 share placement at $0.13 per share with overwhelming support.
This follows the 10,000,000 share placement at $0.13 per share to sophisticated investors, announced on the 3 December 2009.
Both the acquisition of Fulcrum Resources and the placement are subject to shareholder approval.
The funds raised pursuant to the placement will be used to allow Fulcrum to complete the acquisition of the Cue Gold Project from Harmony/New Hampton and to provide significant working capital to commence exploration, development and strategic planning for future mine production scenarios.