Kidman Resources raises $4.6m, shares soar 25%

Base metal explorer Kidman Resources Limited (ASX: KDR) shares are trading 25% higher at 33 cents after company announced it had raised $4.6m in an institutional placement at an issue price of 23 cents.

Funds raised will be used primarily to fast track drilling at the company’s flagship ‘Home of Bullion’ copper project located near Barrow Creek in the Northern Territory.

Kidman Resources Managing Director, Shane Mele said the money raised will ensure the company’s funding requirements are met for an extensive exploration program.

As with any junior explorer, the road ahead is both exciting and risky.

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