FMR Investments participates for A$228,000; proceeds fund exploration
By Devika Patel
Knoxville, Tenn., Sept. 19 - Barra Resources Ltd. said it plans a A$1 million private placement of stock.
The company will sell 33,333,333 shares at A$0.03 per share, a 25% discount to A$0.04, the closing share price on Sept. 16. FMR Investments Pty Ltd. will invest A$228,000.
The company also said it plans a A$750,000 share purchase plan at the same price as the placement.
Proceeds will be used for exploration at the Phillips Find Gold Project and for working capital.
"The completion of this share placement and the forthcoming share purchase plan will provide us with important funding to fast track exploration drilling at the company's Phillips Find Gold Project where we are seeking to expand the current mineralized zones and moving toward production in the new year," chairman Gary Berrell said in a press release. "With the Burbanks Gold Mine resuming mining under our recently announced tribute mining agreement with FMR, we are optimistic of capitalizing on these record gold prices and returning shareholder value."
Barra Resources is an Applecross, Australia-based gold, nickel and cobalt exploration and production company.
| Issuer: | Barra Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$1 million
|
| Shares: | 33,333,333
|
| Price: | A$0.03
|
| Warrants: | No
|
| Investor: | FMR Investments Pty Ltd. (for A$228,000)
|
| Pricing date: | Sept. 19
|
| Stock symbol: | Australia: BAR
|
| Stock price: | A$0.032 at close Sept. 19
|
| Market capitalization: | A$10.08 million
|
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