Barra Resources (ASX: BAR) announced the completion of a Share Purchase Plan (SPP) and concurrent Share Placement.
Barra Resources said subscriptions from eligible shareholders under the SPP will result in the issue of 47,725,000 shares totalling $954,500.
The subscriptions were lodged by more than 200 shareholders who collectively own more than 40 per cent of Barra shares.
In addition to the SPP, the company received firm commitments from clients of Shaw and Partners stockbrokers for the Placement of a further 9.9 million shares raising gross proceeds of $198,000.
Total funds raised under the SPP and Placement is approximately $1.15 million.
Barra Resources declared the funds sufficient enough for the company to complete its gold drilling campaign presently underway at the Burbanks gold project, south of Coolgardie in Western Australia and to finalise its much-anticipated Pre-Feasibility Study at the Mt Thirsty cobalt-nickel project near Norseman, also in WA.
“On behalf of the Board of Barra I would like to thank all our shareholders for their vote of confidence in the direction of the company,” Barra Resources managing director and CEO Sean Gregory said in the company’s announcement to the Australian Securities Exchange.
“I have had the opportunity to speak personally with 60 shareholders over the last three weeks and can report strong support for our strategy, optimism for the rise in cobalt pricing, and excitement around the gold drilling underway at Burbanks.”