King River Copper Ltd (ASX:KRC) has received firm commitments for its placement of 48,129,032 shares at $0.0062 raising $298,400 from professional and sophisticated investors.
King River's shares last traded at a significant premium of $0.014 per share.
These funds will be added to the oversubscribed share purchase plan which raised $788,000.
Drilling to begin
Drilling is expected to begin in the third week of August, following up high-grade targets in the Kimberley region of Western Australia.
Field sampling in July has identified an epithermal quartz vein outcrop along the Chapman West trend that returned an assay 29.7g/t gold.
This new target is one of 10 new, and very interesting gold-copper targets to be drilled in the coming months.
A surface rock subcrop at the JoeFisher VTEM target north of Chapman assayed 1.75% copper.
Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.