Voyager Resources (ASX:VOR) has raised $2.56 million in a strongly oversubscribed share placement, the proceeds of which will be used for its flagship Khul Morit copper project in Mongolia. The placement of 160 million shares at $0.016 per share was done to the clients of Patersons Securities, who were also the lead managers to the issue.
The next phase of drilling at Khul Morit is likely to start in April. The project is located in the Erdene Island Arc Terrain, which is one of a number of tectonic terrains that extend across the Gobi and southern regions of Mongolia that have been proven to host a number of mineralised copper porphyry systems, including the giant Oyu Tolgoi deposit, being developed by Rio Tinto (ASX:RTO).
It had a cash balance of $2.64 million at the end of the last quarter.
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