Brisbane-based HopgoodGanim Lawyers has advised ASX-listed Mt Isa Metals on the placement of shares to institutional and sophisticated investors, raising $14.4 million before costs.
The placement will enable Mt Isa Metals to accelerate its gold exploration projects in Burkina Faso.
According to partner Michele Muscillo, who led the team advising on the placement, Mt Isa Metals has recently achieved some impressive results from its exploration projects.
"The company has received significant interest in the marketplace, resulting in a considerable rise in its share price, on the back of positive drill results in its Nabanga gold project in Burkina Faso," he said.
"This $14.4 million raising at 70 cents per share follows an accelerated rights issue at 15 cents per share in October, which we also advised on.
"The significant interest shown by investors in both of these capital raisings demonstrates the strength of Mt Isa Metals' projects and represents a positive start to the capital markets in 2011."
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