Otago miner and explorer Glass Earth Gold has announced it has raised $2.2 million, of an expected total of $4.2 million, from its first tranche of a private placement.
Toronto-listed Glass Earth released first tranche of 8,667,500 units at a price of $C20c each, raising $C1.73 million ($NZ2.24 million).
The proceeds will be used to test drill four sites in Otago and another site near Te Puke, in the North Island.
Glass Earth said in a statement another announcement would be made when the second tranche of the private placement was completed.
Earlier this month, Glass Earth reported a loss of $3.6 million for 2009, most of which represented exploration costs during the year. It has spent more than $26 million, mainly on Southern-based exploration, since dual listing on the Toronto and New Zealand stock exchanges in October 2006.
