Thursday, 21 July 2011

Silver Swan Group to raise up to A$5m in placement and launches SPP

Silver Swan Group (ASX: SWN) is looking to accelerate exploration at the company's Quinns VMS and Stakewell Gold projects after launching a capital raising campaign.

Silver Swan has already received commitments for A$5 million through the placement of 50 million shares at $0.10, with 39.5 million of the shares subject to shareholder approval.

The company may raise additional funds after launching a share purchase plan for an amount of up to $15,000 per shareholder - also priced at $0.10.

The capital injection will be used by Silver Swan for diamond and reverse circulation drilling at the company's Quinns VMS and Stakewell Gold projects which are strategically located in the Murchison Province of Western Australia.

Susan Vearncombe, managing director, said "The recent identification of very strong off-hole conductors at our Quinns VMS Project and high grade gold results at the Stakewell Project are exciting developments for Silver Swan.

"We are very keen to recommence drilling at both of these highly promising projects in the next few weeks."

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