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Siburan Resources to raise exploration and development capital

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Siburan Resources (ASX: SBU) has appointed Melbourne-based JCL Capital as its capital advisor to seek investors for its planned $310,000 placement.

Proceeds from the issue of 15.5 million shares priced at $0.02 each will be applied towards the exploration and development of current projects and pursuing new resource opportunities.

JCL will also act as Lead Manager for a proposed one for one non-renounceable underwritten pro rata rights issue priced at $0.01 per share to raise about $1.19 million.
   
The company has conducted geological mapping which included the search for old workings and adits at its Endeavour Antimony and Gold Project located about 20 kilometres north of Picton on New Zealand’s South Island.
 
Drill applications for the Kirwan Tungsten and Gold Project in New Zealand are expected to be granted. Preparation for drilling is also continuing at the Canegrass Gold Project at Kalgoorlie, Western Australia.



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