From the AFR: "Geopacific Resources is raising $10.5 million via...

From the AFR:

"Geopacific Resources is raising $10.5 million via a placement managed by Petra Capital.
Proceeds will be used to fund exploration and development for the Woodlark Project; feasibility studies and testwork for the Woodlark Project; and exploration costs in Cambodia and Fiji.
The shares are being offered at 3¢ apiece.
Geopacific Resources is a minerals explorer focusing on gold and copper deposits.Its biggest shareholder is resources investor RCF, with a 41 per cent stake.
The company last raised capital 12 months ago, launching a $12.04 million placement which was also overseen by Petra Capital

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A fair result for shareholders and once these funds are spent 3c should be a distant memory.