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ABM Resources NL (ASX:ABU) Completes Capital Raising Through 40M Share Placement
Perth, July 3, 2008 (ABN Newswire) - ABM Resources NL (ASX:ABU) is pleased to advise that it has received funds for the balance of 19 Million shares to complete the previously announced capital raising of 40 million shares at 10 cents per share to clients of Australian stockbroking firms and existing shareholders to raise a total of $4 million.
The funds raised from the placement will be used to fund:
- Exploration of the highly prospective Mimosa gold project, ongoing exploration at the base metals discovery at Erayinia and possible exploration at other projects in ABM's asset portfolio
- Working capital
About ABM RESOURCES NL
The Company owns a portfolio of base metals and gold project interests. The base metals projects are located in Western Australia (zinc, lead and copper) and Zambia (copper). The gold projects are located at Mimosa, Mozambique and Broads Dam near Kalgoorlie in Western Australia. The conceptual exploration framework of the company is focused on delineating major mineral discoveries.
The current primary exploration focus is the substantial regional-scale Volcanic Massive Sulphide (VMS) base metals project at Erayinia located in Western Australia and the highly prospective Mimosa gold project located in Mozambique. ABM Resources also holds interests in another 3 Western Australian base metals projects; the Gascoyne Joint Venture, and 100% held tenements at Earaheedy and Harbutt Range in Western Australia.
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