Adelaide Resources (ASX:ADN) has strengthened its cash position via a successful share purchase plan at $0.075 per share which raised $1.74 million.
Existing shareholders supported the fund raising initiative, showing support for ADN's board and projects in what are difficult equity market conditions for junior explorers.
ADN now has over $4 million in cash available to further exploration works at the 100% owned, high grade Alford West copper prospect.
Funds will also be directed towards the Moonta Copper-Gold Project on South Australia’s Yorke Peninsula, exploration activities on the Eyre Peninsula, and initial field work at the Glenroy Project in North Queensland.
Drilling at Alford West is scheduled to recommence early next week, which will complete the Stage Two drilling program.
Results are anticipated towards the end of September. With its now ample funds and a $16 million market cap, ADN is leveraged to any further strong assays.
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