Victorian-focussed Nagambie Mining (ASX: NAG) has raised $820,000 through a placement at $0.02 to sophisticated and professional investors.
Nagambie had been looking to place the remaining balance of the April 2013 share purchase plan shortfall, $155,000, with investors, and this placement covers the remaining shortfall and raises an additional $665,000.
The company holds over 500 square kilometres of exploration tenements in the highly prospective area of central Victoria, encompassing historic goldfields at Nagambie, Redcastle and Rushworth.
The funding boost will allow Nagambie to drill and evaluate the wholly-owned gold anomaly at Wandean, and to apply for a landfill licence covering a specific site at the wholly-owned Nagambie Mine.
Of interest, Nagambie is also developing construction material opportunities at the Nagambie Mine site, principally for rock and sand products and to ultimately maximise the value of the freehold land owned by the company at the mine.
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