Offering proceeds earmarked for drilling at Dargues Reef gold project
By Devika Patel
Knoxville, Tenn., Oct. 7 - Cortona Resources Ltd. said it has resolved to sell 25.5 million shares in a private placement of shares. Hartleys Ltd. is the broker.
The company will sell the ordinary shares at A$0.17 apiece for A$4.34 million. The price per share is a 15% discount to the Oct. 6 closing share price, A$0.20.
"We are delighted by the strong support received for the placement from domestic and international institutional investors," managing director Peter van der Borgh stated. "Monies raised from the placement will allow us to accelerate drilling at our Dargues Reef Gold Project, with a focus on our recently announced new, shallow gold discoveries.
"With a number of targets to be followed-up, Cortona aims to be drilling at Dargues Reef as well as testing regional targets on the broader Majors Creek Gold Project with multiple rigs for the coming 6 months and beyond."
"Drilling will be targeted to increase the Dargues Reef gold resource, with a particular focus on delineating additional resources in the near mine area, with a view to increasing targeted annual production rates at Dargues Reef, where gold production is targeted for 2011," van der Borgh concluded.
Cortona is a Subiaco, Australia-based mineral exploration company.
| Issuer: | Cortona Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$4,335,000
|
| Shares: | 25.5 million
|
| Price: | A$0.17
|
| Warrants: | No
|
| Agent: | Hartleys Ltd.
|
| Pricing date: | Oct. 7
|
| Stock symbol: | Australia: CRC
|
| Stock price: | A$0.195 at close Oct. 7
|
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