-- Asara Resources (ASX:AS1) has obtained firm commitments for a dual-tranche institutional placement of about 480 million shares at a price of AU$0.125 each for gross proceeds of AU$60 million, according to a Friday filing with the Australian bourse.
The first roughly AU$50 million tranche of 400 million shares will be completed using the company's existing placement capacity and is expected to settle on May 14, while the second AU$10 million tranche will be subject to shareholder approval.
Asara Resources plans to use the proceeds to accelerate exploration activities at its flagship Kada gold project in Guinea.