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05/04 - Successful Share Placement and Share Purchase Plan to Raise up to $7M to Progress Mine Planning and Exploration at Dargues Reef Gold Project

Key Points:

  •  Cortona to raise up to $7m through a placement and SPP
  •  Strong demand for the placement from institutional and high net worth investors
  •  Funds to be used primarily for site engineering works and finalising approvals required for the development of the Dargues Reef Gold Project, regional exploration, and for working capital purposes  
  •  Hartleys Limited is Broker to the Offer

Australian gold company Cortona Resources Limited (ASX: CRC,
“Cortona” or “the Company”) is pleased to announce  that it has
placed 33 million shares at 12 cents per share to raise $3.96 million
(“the Placement”) and has resolved to raise a further $3 million via a
Share Purchase Plan to existing shareholders (“the SPP”). Hartleys
Limited is Broker to the Offer. 

Commenting on the Placement, Cortona’s Managing Director Peter
van der Borgh stated “The strong support for the Placement was
very pleasing and demonstrates the recognition that Cortona is on
track to join the ranks of Australia’s gold producers, and offers
significant opportunity to maximise shareholder value as key
milestones are delivered”.

A total of approximately 25 million shares at 12 cents per share will
be offered under the SPP to eligible shareholders registered at 4
April 2012 with SPP documentation to be sent to eligible
shareholders shortly. 

Funds raised pursuant to the Placement and SPP will be used
primarily for site engineering works and finalising approvals required
for the development of the Dargues Reef Gold Project, regional
exploration, and for working capital purposes. 

The Placement is not subject to shareholder approval as it falls
within Cortona’s 15% capacity under ASX Listing Rule 7.1.2

http://www.cortonaresources.com.au/files/announcements/275%20-%20Placement%20and%20SPP%20to%20Raise%20up%20to%20$7m%2005.04.2012.pdf

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