Godolphin Resources (ASX:GRL) raises funds for Narraburra Project advancement

Godolphin Resources raised $550,000 through issuing 18.3 million new fully paid ordinary shares and attaching options at 3 cents per share.

The company is also launching a non-renounceable 1-for-5 entitlement offer for eligible shareholders to raise $1.1 million under the same terms.

The funds will advance the Narraburra Rare Earths Project, expand the JORC 2012 mineral resource, finalise the Narraburra scoping study, and conduct other exploration activities.