Adelaide Resources raises $2.28 million

Adelaide Resources has placed 12,000,000 ordinary shares with sophisticated investor clients of Bell Potter Securities Limited, in order to increase the company's Rover Gold-Copper Project exploration program.

Adelaide Resources has placed 12,000,000 ordinary shares with sophisticated investor clients of Bell Potter Securities Limited, at an issue price of $0.19 per share, in order to increase the company’s exploration program at the Rover Gold-Copper Project, located near Tennant Creek in the Northern Territory.

The placement will raise gross proceeds of $2.28 million.

The company also intends to conduct a Shareholder Share Purchase Plan (SPP) to raise additional funds.

Recently, neighbouring explorer Westgold Resources announced high grade gold and copper drill intersections at its Rover 1 prospect, some of which are said to persist to within metres of one of Adelaide Resources’ Rover tenements.

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