(MENAFN- ProactiveInvestors - Australia) Minerals Corporation (ASX: MSC) has raised $500,000 following an oversubscribed placement of 50 million shares at $0.01.
Each new share also has an option attached, which is exercisable at $0.015 and expires at the end of 2015 - with the option requiring shareholder approval.
Minerals Corporation is currently on-track to enter into formal joint venture agreement for copper licenses in Democratic Republic of Congo, with the start of drilling anticipated in the June quarter of 2013.
Earlier in the month Minerals Corporation announced that it is to acquire a 60% interest in a highly prospective package of eight copper concessions covering 558 square kilometres in the copper rich southern Katanga Province of The Democratic Republic of Congo.
Highlighting the prospectivity of the area, the Luisha Project (PE 4981) is immediately adjacent to Tiger Resources Kipoi Project (834,000 tonnes contained copper), with in excess of $3 million having been spent on the concessions to date.
The acquisition includes significant and detailed exploration database inclusive of drill core, soil sampling, airborne geophysics, geochemical and ground magnetics.
Joint venture partner
The vendor and 40% joint venture Partner Rubamin FCZ (Rubamin), is a diversified metals conglomerate that has been operating in the country for over eight years and has strong country relations.
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