Matsa Resources places $624,000 to progress interests in Thailand
Matsa Resources (ASX: MAT) has placed 3.12 million shares at $0.20 to raise $624,000, with the funding injection to advance the company's iron ore, copper and gold focused interests in Thailand.
Matsa said the funds in particular will be directed towards applications for further Special Prospecting Licences.
Paul Poli, executive chairman, commented "With the recent lifting of the gold mining moratorium by the Thai government, Matsa believes that increasing the number of its current Special Prospecting Licence Applications and expanding the area footprint of its existing application areas, will provide considerable future benefit to the company."
Matsa said that Thailand has been largely ignored by most companies due to difficulties dealing in the country, although the company has been able to overcome these.
The company's portfolio of Thailand Special Prospecting Licence Applications includes the prospective KT Gold Project, which covers an extensive 180 square kilometres.
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