18 Jun 2012

Glass Earth Gold raises $2.7m

1:05 pm on 18 June 2012

Listed gold explorer Glass Earth Gold is undertaking a multi-million dollar private placement.

The placement will raise $C2.2 million ($NZ2.7 million) which the mining firm will primarily use to finance the purchase of the 50% of shares it doesn't own in mining operator Dunstan Mining and take full ownership of Goldmines New Zealand.

The operations are expected to generate up to $2 million this year and $6 million in 2013.

The placement is subject to acceptance by TSX Venture Exchange in Canada.