🕐11.05.09 - 04:03 Uhr

Hillgrove Resources [ASX: HGO] - Share placement to raise $4.05M



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Hillgrove Resources [ASX: HGO] - Share placement to raise $4.05M

Hillgrove Resources Limited (ASX: HGO) announced today that it has agreed to place 27 million fully paid ordinary shares at 15 cents per share to a number of sophisticated investors from the Copulos Group.

The funds raised from the placement will be used to:

1.

Meet the ongoing costs of gold and copper exploration programmes in Indonesia;
2.

Fund activities associated with the Kanmantoo Project near Adelaide, South Australia, including the acquisition of long lead time items and costs associated with licensing and statutory approvals and
3.

Meet the Company�s corporate costs and general working capital needs.

The Managing Director of Hillgrove, Mr David Archer, said �We are delighted to welcome the Copulos Group as a substantial shareholder of Hillgrove.

This raising will help with our plans to launch a major exploration initiative at the advanced Alpha and Delta prospects at our Bird�s Head Project�.

For further information, please contact:

Mr David Archer
Managing Director
Tel: +61 2 8221 0404
Mobile: 0414 737 767

Mr Russell Middleton
Chief Financial Officer
Tel: +61 2 8221 0404
Mobile: 0418 497 678


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