Mining Group (ASX: MNE) has completed a $3 million capital raising to support exploration at the company’s Comval Copper Gold Project in the Philippines.
The funds were raised through the issue of 6 million shares at $0.50 each, completed in two tranches of 3 million shares.
Mining Group has also issued 400,000 unlisted options, exercisable at $0.55 each and expiring on February 28, 2014.
Funds from the raising will primarily be used for an exploration programme at the Comval project, where Mining Group is aiming to define a maiden JORC Resource in the September quarter of 2012.
Three diamond drill rigs are in operation across three targets at Comval and five holes for 1,588.3 metres have already been completed. Visible copper has been intersected in Mining Group’s first hole at the Bayag Bayag target.
Mining Group acquired an 80 percent interest in the Comval project in January this year