Tsodilo Resources has generated C$141,380.06 ($103,177.05) in gross revenues through a non-brokered private placement to progress the Xaudum Iron Formation (XIF) project in Botswana.
The funds will also be utilised to finance basic business objectives and working capital.
It said 706 903 units were issued at a subscription price of C$0.20 each (15 US cents), each of which consisted of one common share in Tsodilo and one common share purchase warrant.
The XIF project is located within two base metal prospecting licenses (PL386/2008 and PL387/2008) and stretches over 37km.
The majority of the resource drilling for the XIF has been in Block 1 where there is a high enough density of drilling to define a resource.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
