Anooraq Resources (ARQ-V) has raised $20 million to accelerate development of the Drenthe farm in South Africa’s Bushveld igneous complex.
The junior privately placed some 9.5 million units at $2.10 apiece. Each unit comprises one share plus half a warrant; a whole warrant is good for one share at $2.50 per share until June 1, 2005. The securities are subject to a hold period ending April 24, 2004.
Anooraq recently joined forces with Anglo American Platinum to jointly explore and develop Drenthe. Anglo American contributed the northern portion of its adjacent Overysel farm, and has committed to treat and dispose of platinum-group-element ore from any eventual operation at its recently completed smelter at Polokwane, 80 km east of Drenthe. Anooraq will also contribute its Witrivier farm, immediately to the northeast, should the Drenthe deposit extend there.
The pair are currently planning a major multi-rig program of infill drilling on Drenthe accompanied by delineation drilling on extensions of the deposit onto the northern portion of the Overysel farm.
Work at Drenthe is planned for early 2004.
Be the first to comment on "Anooraq raises $20 million"