- Silica sands developer Diatreme Resources (DRX) is aiming to raise nearly $5 million to progress its Galalar Silica Project in Queensland
- Then the company will issue around 464 million shares at 1 cent each to new and existing sophisticated and institutional investors
- Major investor, Ilwella, has subscribed for 37 per cent of the placement
- Additionally, Diatreme will undertake a $500,000 share purchase plan to eligible shareholders
- Galalar is located 200 kilometres north of Cairns, in Northern Queensland
- On market close for the week, Diatreme finished in the green, up 8.33 per cent and trading for 1.3 cents per share
