kagara looks to raise $25m

Kagara looks to raise $25m

So, we have a bit of an explanation for the small cap raising.

1. Delays bringing the Baal Gammon copper deposit, in Queensland, into production, coupled with depressed metal prices, have eaten into Kagara's meagre cash reserves.

2. Kagara needs to pay Copper Strike $16 million on Friday for the Einasleigh deposit, also in Queensland.

Other: Lounge Lizard sale, meanwhile, remains on track for a conclusion early next year.