Firetail Resources (ASX:FTL) received firm commitments to raise AU$5 million through a placement of 62.5 million new shares at AU$0.08 apiece to institutional, professional, and sophisticated investors, according to a Monday filing with the Australian bourse.
Proceeds will be used to fund activities at the company's projects in the US, Canada, Peru, and for general working capital.
Shares of the company rose 10% in recent Monday trade.
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