Forrestania Resources Completes Second Tranche of Placement; Shares Reach Over 14-Year High

MT Newswires Live

01/19

Forrestania Resources (ASX:FRS) completed the second tranche of its AU$32 million placement, with AU$18 million received following shareholder approval, according to a Monday filing with the Australian bourse.

The company also closed its share purchase plan offer, which received applications amounting to about AU$9 million, prompting the board to upscale it to AU$5 million from AU$2 million, the filing said.

Funds will be used to advance plans for the company's West Australian gold production business, per the filing.

Shares rose past 9% in morning trade Monday and earlier reached their highest since October 2011.

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