Sentosa Mining gets set to drill Mongolia copper gold project, $1.14 million raised
Sentosa Mining (ASX:SEO) has raised $1.14 million in an over-subscribed placement to fund maiden drilling at its Darvii Naruu copper gold project near Rio Tinto's (ASX:RIO) Oyu Tolgoi porphyry copper mine, Mongolia.
For Sentosa's fund raising intitiative to attract more capital than originally planned $1 million, highlights the potential for a world class discovery at Darvii Naruu.
New shares were issued at $0.045, and free attaching options will be exercisable at $0.15 within three years of issue date.
An entitlements issue of options on the same terms as the placement will also be conducted with shareholders eligible for one new option for every two shares held, at a price of $0.005 per option to raise up to $130,000.
Sentosa has exercised its option to acquire a 100% interest in the 62,700 hectare project where 37 exploration targets have been identified, including several high priority “drill ready magnetic and potasic targets
Sentosa ageed to acquire Darvii Naruu in April from Australian private company, St Nicolas Mines, through the issue of 5,500,000 Sentosa shares and an 0.5% net smelter return royalty.
Since then preliminary exploration, including 1,620 line kilometers of aeromagnetic and radiometric survey and two independent technical reviews, have confirmed significant potential for large-scale copper-gold or nickel-copper-PGE mineralised systems.
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