Sydney, May 19, 2006 (ABN Newswire) - Olympia Resources Ltd (ASX: OLY) is pleased to announce the placement of 15,670,000 new fully paid ordinary shares at $0.20 per share to raise $3.134 million before costs. The placement was managed by BurnVoir Corporate Finance.
Funds raised under the placement will be utilised in the development of the Keysbrook Mineral Sands and Harts Range Garnet projects, drilling & exploration, capital expenditure and working capital.
These shares have been placed with institutional and sophisticated investors. Olympia Resources was particularly pleased with the level of demand from institutional investors. Settlement and allotment will occur today and once issued, the shares will rank pari passu with existing ordinary shares on issue.
An Appendix 3B relating to this placement will be lodged with the ASX in due course.
For further information about Olympia Resources, please visit: www.olympiaresources.com
About OLYMPIA RESOURCES LIMITED
Olympia Resources (ASX: OLY) is a Western Australian ASX-listed company focused on the exploration and development of a range of resource projects. OLY is developing the Harts Range Abrasives deposit Olympia Resources Limited near Alice Springs in the Northern Territory and plans to begin mining heavy mineral sands at the Keysbrook Project in the South-Western Australia in early 2007. OLY has also confirmed the existence of potentially significant gold mineralisation at Bruce's Prospect in the Northern Territory.
Contact
Peter Gazzard Managing Director Olympia Resources Limited
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