Galena Mining: Raises $12M to advance Abra

Galena Mining: Raises $12M to advance Abra

• Galena Mining (G1A) has accepted binding commitments for a $12 million placement to advance the Abra Base Metals Project
• Over 57 million new shares will issued at 21 cents each
• Galena is the majority owner of the project, which is located in the Gascoyne region of WA
• The placement highly supported, especially by the company’s largest shareholder, Timothy Andrew Roberts, who subscribed for more than 11 million shares
• Galena Mining will use most of the funds to conduct drilling and optimisation works at the Abra Base Metals Project before it begins underground mining
• Company shares closed 6.25 per cent in the red to trade for 22.5 cents each