Proto Resources (ASX:PRW) announced they raised approximately A$900,000 at 0.7cents from institutional investors. These funds will be used for further metallurgical test work on the Barnes Hill iron ore project and to fund the fourth deep diamond drill hole at the company’s Lindeman Bore and Mt. Vetters projects.
The company also announces their Joint Venture partner Victory Mines (ASX:VIC) has commenced drilling at the Clara Hills Project in Western Australia where five drill targets have been delineated by sampling and EM surveys. Victory Mines has to spend the first A$1.5M on the project, thereafter Proto Resources and Victory will split costs in half.
Disclosure: Proto Resources & Investments is a sponsoring company. Please see our disclaimer for current positions.