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Benz Mining to Raise AU$150 Million Through Institutional Placement

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Benz Mining (ASX:BNZ) secured firm commitments for an institutional placement of 40.4 million CHESS depositary interests at AU$3.71 each for gross proceeds of AU$150 million, according to a Monday filing with the Australian bourse.

The company expects the settlement to occur on Aug. 28.

Benz Mining said the placement will help accelerate its planned 450,000-meter drill program at the Glenburgh gold project in Western Australia through the addition of six drill rigs, increasing the on-site fleet to 14 rigs. The proceeds will also be used for working capital.

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