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Underworld Resources, a Vancouver-based prospector listed on the Toronto Stock Exchange, says it plans to raise C$3.25 million ($4.1 million) to drill at its Lottin Point and Golden Progress properties in New Zealand next summer.
The private placement of 3.425 million shares, at a price of C95c a share, would be used for exploration expenses and general working capital.
Underworld has been exploring for vast sulphides mineral deposits near East Cape in the North Island and for gold in Central Otago, and has claimed that success could push the company's shares to the C$2 level.