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Thursday, 21st June 2007 (2931 views)

Luna Gold Corporation has announced it has arranged a non-brokered private placement of securities in order to raise funds.

Subject to approval by TXS Venture Exchange, approximately CAN $5 million (£2.3 million) will be raised in the move.

Feasibility work at Luna's Brazilian Aurizona gold project will be completed using the private placement funds.

"The securities will be issued in the form of units at a price of CAN $0.55 per unit, with each unit consisting of one common share and one half of one share purchase warrant," a company statement noted.

Luna's feasibility study is currently scheduled for completion in early quarter one of 2008.

The company has hired John Clark as consulting metallurgist, who recently retired as the Rio Tinto's in-house consultant where he was responsible foremost for the metallurgical optimisation of the Paracatu gold mine.

 

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