Gold Mountain Limited (AU:GMN) has released an update.
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Gold Mountain Limited announced a successful $2.7 million placement at an issue price of 0.37¢ per share to fund exploration of high-priority targets in Brazil, including rare earth elements and lithium. The placement received strong support from both new and existing shareholders, with a significant $2.3 million investment from a cornerstone investor who will become the major shareholder and have rights to appoint an additional board director. The proceeds will be directed towards exploration activities across Brazilian tenements and Papua New Guinea.
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