Golden State raises exploration funds

Junior Golden State Mining is looking to raise A$2.2-million through a share placement to sophisticated and professional investors to fund a maiden gold drilling programme at its Yule project, in Western Australia.

The share placement will comprise up to 17.6-million fully paid ordinary shares at a price of 12.5c each, and will be undertaken in two tranches. The first tranche of some 9.15-million shares will be placed under the company’s existing capacity, while the second tranche of 8.45-million shares would be subject to shareholder approval.