Exploration company Ormonde Mining is to raise around €1m through a placing of nearly 30 million new shares at 3.4 cent per share, mainly with new UK institutional shareholders.
The net proceeds of around €920,000 will be used to speed up exploration and evaluation of the company's gold prospects in northern Spain. A drilling programme on the Salamon deposit will start in September.
Managing director Kerr Anderson said Ormonde was also in talks to secure other projects in Spain.
