Dart Mining NL (ASX:DTM) has completed a private placement to Jim Mellon of 10,769,230 fully paid ordinary shares at an issue price of $0.065 per share raising $700,000.
Mellon does not have any ties to the company or its board.
The issue price is at a 10% discount to the 15-day volume-weighted average price.
A further 3,589,743 options will be issued, being one free option for every three shares issued.
The unlisted options will have an exercise price of 13 cents and expire two years from the issue date.
Funds raised will be used for working capital.
News of the placement comes just days after DTM appointed highly experienced company director Richard Udovenya as a non-executive director to its board. Udovenya is the principal partner of the law firm Resources Law International, which focuses on natural resources projects in Australia and Africa.