Genesis Resources (ASX: GES) has reached a capital raising mandate with Rich Asia Ventures, a corporate advisory house based in Malaysia, to provide up to $1.9 million in new funding at a minimum of $0.09 per share.
Rich Asia has a wide network of clients and contacts in Asia, and has access to sophisticated investors seeking exposure to the prospectivity of gold explorers.
Tranche One is complete with just under 14 million shares to raise $1.26 million placement with China Century Overseas Ltd, who now holds 9.09% of the company’s total issued capital and is a strategic investor.
Under the Mandate, Tranche Two will be completed by no later than 31 August 2013, to raise around $629,000.
Funds raised will be directed towards Genesis' ongoing drilling programs at the Plavica gold-silver-copper joint venture project in Macedonia.
Recent drilling results include: 9 metres at 3.5g/t gold, 313.8g/t silver, 1.42% copper and 0.2% zinc from 204 metres; and 17 metres at 1.5g/t gold, 9.1g/t silver, 0.21% copper, 0.8% lead and 0.4% zinc from 143 metres.
The Plavica Project lies within Carpathian Volcanic Arc, a major epithermal province running through Eastern Europe, which is highly prospective for gold, copper and silver mineralisation.
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