Noble Mineral Resources raises A$30m for drilling at Bibiani Gold Project

Noble Mineral Resources has received firm commitments for the placement of approximately 77 million shares at 39 cents to raise $30 millidry ball milling process of aluminum flake powderon to fund an extensive drilling campaign that is expected to result in substantial increases in reserve and resource estimates at its Bibiani Gold Project in Ghana.

The capital raising will be competed in two tranches. Tranche one will comprise the issue of approximately 44m shares and tranche two, comprising approximately 33m shares, will be issued subject to shareholder approval at an EGM to be convened at a later date. The placement was undertaken by BGF Equities and Patersons Securities as Joint Lead Managers and reported strong interest from domestic and Asian based institutions. The placement closed heavily oversubscribed.The proceeds will be used to underpin an aggressive exploration campaign at Bibiani, which will see up to five rigs operating at the same time, drilling as many as 55,000m a month for the next 12 months...