Victory Mines Limited (ASX:VIC) has received firm commitments to raise A$2.5 million via a share placement to institutional, sophisticated and professional investors.
Shaw & Partners acted as Lead Manager to the Placement.
Victory Mines Limited’s Director, Mr Matthew Blake commented, “It is pleasing to see the strong demand from institutional and sophisticated investors along with our substantial shareholder Ramelius Resources and affiliates of Serena Minerals Limited.
“The company is now well funded to continue exploration on the Coogee Gold Project and the other assets within the company.”
Net proceeds from the placement will predominately be used to fund drilling at the Coogee Gold Project, located approximately 55km southeast of the Western Australian mining centre of Kalgoorlie.