Australian miner Sundance Resources has announced that it has raised A$40 million through a share placement at A$0.345 per share.
The share placement was oversubscribed due to the strong demand from institutional investors. The funds will be used to continue development and exploration of the Mbalam project in Cameroon and for general corporate purposes.
Sundance also notified China-based Hanlong Mining, which has reached an agreement to acquire 100 percent shares of Sundance, about the proposed placement and Hanlong had no objections. The companies still expect the acquisition to be completed in mid-November 2012.