Astral Resources (ASX:AAR) has secured around $3.4 million via a single-tranche share placement comprising the issue of around 47.2 million shares at $0.072 per share to sophisticated and professional investors.
The proceeds, together with the company's existing cash reserves, will be used mainly to advance resource definition drilling and technical and feasibility studies at the firm's 100%-owned Mandilla and Feysville Gold Projects, located near Kalgoorlie in Western Australia.