Palace Resource raises $1.33M for Lumpo coal project
Monday, November 7 2011 - 02:22 AM WIB
ASX-listed company Palace Resources Ltd announced that the company had raised $1.33 million to fund exploration and development of its Lumpo coal project in Western Sumatra.
The company said that it had entered into a binding agreement to make a placement of 41,817,339 newly issued and fully paid ordinary shares in the company at a price of $0.032 per share to raise $1,338,155.
?The funds raised will primarily be used to finance the exploration and development of the Company?s Lumpo coal project,? the company said, adding that the placement would not require shareholder approval.
It said that the placement will strengthen the company?s share register and providing increased financial flexibility to proceed with the development of the Lumpo project. (josef)