Sabre Resources has raised $8 million to expand drilling programmes at its Guchab copper prospect in Namibia.
The company today announced it had completed a placement priced at 26 cents per share, to clients of BBY Limited and Octa Phillip Securities.
Sabre today also announced that general manager for marketing and development, Tim Putt, had been promoted to the role of chief executive.
“The placement was significantly oversubscribed with strong support from existing shareholders and new institutional investors whom we welcome to the company,” Mr Putt said.
“The capital raising places Sabre in a strong position to continue our exciting exploration programme and follow up on recent outstanding drilling results.”
At close of trade today, Sabre stocks had gained 6.2 per cent, trading at 34 cents.
