MINING MARKETS & INVESTMENT NEWS — Allican funds project

Montreal-based Allican Resources (ALI-M) has raised $1.2 million for studies related to a ferrochrome production project in Thetford Mines, Que.

The funds were raised from various sources. The company raised $660,000 through two separate private placements, $30,000 from Hydro Quebec and $475,000 from the Quebec government.

The money will be used to prepare a feasibility study, including metallurgical tests and diamond drilling.