(MENAFN - ProactiveInvestors - Australia) Pilbara Minerals (ASX: PLS) has added A208,031 to its cash reserves following the completion of a placement to sophisticated and professional investors.
The placement, which was through Empire Securities Group, comprised the issue of 8.3 million shares at 0.025 each.
Pilbara Minerals intends to use the funds raised for exploration work on its projects in the Pilbara region of Western Australia.
The funds will also go towards detailed assessment of new projects and due diligence work on potential project acquisitions.
Pilbara Minerals wholly owns 14 granted exploration licences totalling 395 blocks, covering about 1,260 square kilometres, in the West Pilbara Mining District.
These tenements are considered prospective for base metals, platinum group elements and/or gold mineralisation.
The company has also recently agreed to acquire Sturt Resources, which has a portfolio of large-scale gold and copper-gold projects in the world-class Highlands region of Papua New Guinea.
Sturt holds the title to and/or rights to acquire exploration titles covering almost 4,900 square kilometres in the heart of PNG's Orogenic Copper-Gold Belt which hosts some of the world's largest gold and gold copper ore bodies.
World-class mines in this region include the 10 million gold ounce and 3 million copper tonne Ok Tedi, the 32 million gold ounce Porgera and the 15 million gold ounce and 17 million copper tonne Frieda River mines.
Australian company Marengo Mining is developing the nearby Yandera Copper-Molybdenum Project.
Sturt's flagship asset is the Malaumanda Gold and Copper Project, which comprises one exploration licence and three exploration licence applications covering an area of 4,600 square kilometres.
The southern boundary of the Malaumanda tenements lies about 15 kilometres north of Barrick Gold's massive Porgera Gold Mine and some 120 kilometres along strike from the Frieda River copper-gold deposit.
The other key project within the portfolio is the Tamo Placer Gold Project, which offers near term, low-cost production and cash flow potential.