Mutiny Gold raises $9.7m for Gullewa acquisition

Mutiny Gold (ASX: MYG) has completed a heavily oversubscribed A$9.7 millionla cal en el beneficio de los minerales capital raising which will accelerate drilling at the highly prospective Deflector Gold Deposit. Funds will also be allocated to make the next $4 million instalment for the Gullewa Project acquisition.

Mutiny placed 101 million shares at $0.096, together with one free attaching option for every two shares subscribed for exercisable at $0.14 by November 2013. The company said the decision to proceed with the capital raising comes on the back of recent, highly encouraging exploration success at the Deflector deposit, and the subsequent decision to expand the scale of the Deflector Project. John Greeve, managing director, said “This financing, coming on the back of our announcement that we are proposing to double our annual production rate at Deflector, confirms that Mutiny Gold is serious about its stated intention of becoming a significant, profitable, low cost gold producer in the very near future. "We now look forward to completing the metallurgical testwork, drilling and DFS for Deflector and bringing the project into production in 2012.”...