The Board of Global Metals Exploration NL announce the successful completion of a Share Placement of approximately 222 million shares to raise USD 2 million with the drilling of Mt Venn in the eastern goldfields, WA, to occur imminently now that all approvals are in place. Mt Venn, formerly held by Tasminex NL and Helix Resources Limited have yielded strong copper results in the past.

The Placement is to institutions and sophisticated investors under s708 of the Corporations Act, pursuant to the Company's capacity to issue new share capital per the General Meeting held May 11th 2012. The Placement is at 0.9 cents per Share with one attaching GXNOB Option for each Share subscribed for.

The net proceeds will be utilized to complete the acquisition of Messina Resources Limited as per the announcement of June 13th 2012 and to fund the ongoing activities of the Company. As above, following our recent Ministerial Approval, the Company is gearing up for 2500 meters scout Reverse Circulation drilling program at Mt Venn in late August and September. We are currently handling final logistical issues and booking drilling contractors. A 25,000m Air Core program at Jutson Rocks is also at planning stage.

Ms Lia Darby MD of Global Metals said that "We are very pleased with this result of USD 2 million as it shows very strong confidence in the Company by investors. We are excited about our upcoming copper and gold drilling programs."

Source - Mine Web.com

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