Arika Resources (ASX:ARI) received commitments to raise AU$5 million, before costs, via a share placement to new and existing investors to fund exploration at its Yundamindra and Kookynie gold projects in Western Australia, according to a Friday Australian bourse filing.
Around 217 million fully-paid ordinary shares in the capital of the firm will be issued at AU$0.023 per share. The shares will be issued in two tranches, with the first under the firm's placement capacity and the second tranche being subject to shareholder approval.
The directors of the firm committed to participating for a total of AU$700,000.
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