Southern Cross Exploration (ASX:SXX) has placed 20 million shares at $0.004 to raise $80,000 for general working capital.
The company last traded at $0.005 and is capitalised at $2 million.
Southern's main assets are a 20% interest in the Gold Cross Gold project in in the Philippines, with rights to purchase the balance of 80% in several tranches.
The company controls 10% in the nearby Batangas gold project near Red Mountain Resources' (ASX:RMX) Lobo project - which has recently reported high gold values up to 100 grams per tonne.
It also holds a 10% interest in an Iranian magnesite project, is involved in oil and gas joint ventures with Longreach Oil (ASX:LGO) in Queensland, Empire Oil & Gas (ASX:EGO) in Western Australia, and carries small interests in uranium projects in the Northern Territory and Tanzania.
Proactive Investors Australia is the market leader in producing news,articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.