Enterprise raises $1.2m for drilling

Perth gold exploration firm Enterprise Metals has completed a capital raising of $1.2 million, which was achieved through the placement of 24 million shares valued at 5 cents per share.

The company has also announced a 1:2 free attaching option, exercisable at 10 cents on or before June 15 2016. 

Funds raised from the placement will be used to recommence exploration at Enterprise’s Fraser Range project, as well as for general working capital purposes.

“Following the completion of the placement we are fully funded for the next phase of exploration at the Fraser Range, commencing in July 2014,” Enterprise managing director Dermot Ryan said. 

“We are keen to get back on the ground at our highly prospective Fraser Range land package, and work to maximise its value.” 

The company intends to undertake further EM work, due to commence in July, and RC drilling, which will begin when all required approvals have been received. 

Enterprise’s share price rose by 21.5 per cent to 6.2 cents a 12:00pm WST.