Syndicated Metals (ASX: SMD) has received a vote of confidence from National Health Recovery Agents, which has taken up a substantial shareholding in the company.
National Health spent $300,000 to acquire 6.1 million shares on December 1, 2012, giving it a 5.47% interest in Syndicated.
Syndicated recently launched a capital raising and share purchase plan with the aim of boosting copper and gold exploration near Mt Isa in Queensland.
The company plans to raise $902,250 through the placement of 10.6 million shares at $0.085 per share.
A further $1 million will be targeted through a share purchase plan being offered to existing shareholders at $0.085.
Funds raised will also be used to drill other priority iron oxide copper-gold targets including Andy’s Hill and Yamamilla and advance the mining and environmental studies on the Mount Remarkable copper-gold deposits – Barbara, Green Zone and Blue Star.
Syndicated had cash reserves at the end of the September quarter 2011 of $2.3 million.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23450/syndicated-metals-welcomes-substantial-shareholder-23450.html
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