Matsa Resources (ASX:MAT) conducted a share placement to issue 84.8 million new shares at a price of AU$0.028 apiece with two corporate participants to raise AU$2.37 million, according to a Monday filing with the Australian Securities Exchange.
The two participants include the company's largest shareholder, Delphi subsidiary Deutsche Balaton, and new shareholder, Bulletin Resources (ASX:BNR), the filing said.
Proceeds will be used for the development of the Devon Pit Gold Mine and working capital requirements.
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