PROJECT FINANCE

Bluebird flies on Gubong, Kochang fundraising

Shares in Asia-focused resource developer Bluebird Merchant Ventures (LSE:BMV) rose almost 10% Thursday after it raised US$380,000 through a private placement to spend on the Gubong and Kochang projects in South Korea.

Staff reporter
Bluebird has raised funds to develop the Kochang (pictured) and Gubong brownfield mines

Bluebird has raised funds to develop the Kochang (pictured) and Gubong brownfield mines

Its shares were up 9.50% to 2.19p (USc) per share.

The placement included 11.8 million common shares and warrants at a premium of 2.5p/share. The warrants have a 12-month expiry.

Bluebird said it would also be converting the £580,000 in funding from CEO Colin Patterson at a premium of 2.5p, with the shares to be issued after the future publication of a prospectus.

The company is busy earning into 50/50 joint ventures with Southern Gold at both the Gubong and Kochang brownfield gold mines and recently ticked off the final expediture required for the Kochang JV .

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