Junior explorer Drillsearch Energy has placed 20.55 million shares at 5c each to raise $1,027,500.
Drillsearch managing director, Phil Kelso, said of the total shares placed, 4.2 million have been placed with a party related to a director of the company on the proviso that shareholders approve the issue before the issue is made.
Kelso added the funds raised from this placement will provide further working capital for Drillsearch and its subsidiaries.
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