Anglo Australian raises cash

Gold and base metals explorer Anglo Australian Resources will raise A$11-million in a single tranche placement to fund exploration at the Mandilla gold project, in Western Australia.

Anglo Australian will issue some 64.7-million shares, at a price of 17c each to sophisticated and professional investors. The offer price represented a 12% discount to the company’s five-day volume weighted average share price, and an 8% discount to its last trading price.