African gold explorer Luiri Gold (ASX: LGM,TSX‐V: LGL) has raised A$1,150,000 via a completed private placement of 10,000,000 fully paid common shares at a price of A$0.115 per share.
This follows the reinstatement in October of the company's large scale mining license LML 48 in Zambia, which contains the Matala and Dunrobin gold deposits in the company's Luiri Hill Gold Project.
Funds raised will be used to recommence full-scale exploration and development activities in Zambia.
The common shares issued under the private placement will be traded in the form of CHESS Depositary Interests (CDIs) on the Australian Stock Exchange.
The placement was non brokered. The common shares issued under subject to a statutory hold period under applicable Canadian securities laws of four months and a day from the date of closing.