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Forrestania Resources Boosts Cash Position in June Quarter; Shares Down 8%

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Forrestania Resources (ASX:FRS) ended the June quarter with AU$7.8 million in cash reserves and AU$15.6 million in listed investments, according to a Tuesday filing with the Australian bourse.

The company held AU$2.5 million in cash reserves at the close of March, an earlier filing showed.

Forrestania secured about AU$310 million of institutional equity raising in the June quarter to support its ambition to transform into a mid-tier Australian gold producer.

The company's shares fell past 8% in recent Tuesday trade amid a broadly lower market.

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