Advance Metals (ASX:AVM) said the mobilization of a diamond drilling rig to the Myrtleford Project in Australia is set to start on Tuesday, according to a same-day filing with the Australian bourse.
Initial drilling will test immediately above and below a previous hole, intersecting 11.5 meters at 160.4 grams per tonne of gold, and drilling is expected to continue throughout the remainder of the quarter, the filing added.
The company also raised AU$1.5 million through a placement of 34.6 million shares at AU$0.044 per share, which represents a 15% discount to the last closing price and a 6% premium to the 15-day volume weighted average price, per the filing.
The company's shares were down almost 2% in recent Tuesday trade and earlier hit a new 52-week high.
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