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GoldArc Resources to Raise Up to AU$7 Million via Share Placement

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GoldArc Resources (ASX:GA8) received firm commitments to raise up to AU$7.2 million through the issue of up to 102.9 million new shares at AU$0.07 apiece, according to a Friday filing with the Australian bourse.

BML Ventures (BMLV) and its principals subscribed for AU$1.5 million, with AU$1 million to be set off against the principal amount advanced by BMLV to the company under a profit cash advance facility, the filing said.

Proceeds will be used for a 12-month exploration program focused on Leonora North, as well as targeted programs at Leonora South in Western Australia, other exploration expenditures, and general working capital, per the filing.

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