Queensland Mining Corporation (ASX:QMN) has raised $3.7 million from its 1 for 1 rights issue to fund its 2015 exploration plan and advanced the optimised study for the White Range copper-gold project in Queensland.
The rights issue was well supported by shareholders and the company has issued 615,665,660 shares priced at $0.006.
QMN had sought to raise up to $6.78 million from the rights issue.
White Range project consists of three major deposits located at Greenmount, Kuridala and Young Australian plus several satellite deposits in the surrounding areas.
This has Measured Resources of 4.7 million tonnes at 1.1% for 51,700 tonnes of contained copper and Indicated Resources of 14.3Mt at 0.8% copper for 114,400 tonnes of contained copper.
The largest deposit, Greenmount, is located 36 kilometres south of Cloncurry.
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