Alma Metals Limited (ASX: ALM) announced that it has received commitments to raise AU$1.75 million via share placement to institutional, sophisticated and professional investors. Under this placement, 174,528,530 new fully paid ordinary shares will be issued at AU$0.01 per share.
The Company will use the proceeds to fund for resource extension drilling at the Briggs, Mannersley and Fig Tree Hill copper project in Queensland. Alma will begin a six-hole, 3,000 metres core drilling campaign to test the validity of the exploration target at Briggs in early October.
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