Papillon Resources

A$16m Share Placement

February 2012

On 3 February 2012, Papillon announced it had raised A$15.96 million through a share placement of 21 million shares at A$0.76 per share to institutional and sophisticated investors. The capital raising is part of the company’s strategy of strengthening its institutional shareholder base and increasing its profile in financial markets.

Net funds raised pursuant to the placement were used to:

  • aggressively advance exploration activities associated with its portfolio of projects in the Mali, West Africa with the intention of releasing a maiden resource for its Fekola project in 2012; and
  • provide working capital.

Azure was appointed lead manager to the placement.