Syndicated Metals will raise AUD 902,250 through a placement of 10,614,706 shares at USD 0.085 per share to continue its exploration programs in the Mount Isa region of North West Queensland and for working capital purposes.

The Placement will be made to a range of domestic and international investors. A total of 2.23 million shares to raise USD 190,000 will be issued to directors of the company, subject to shareholder approval.

Syndicated also aims to raise up to a further AUD 1 million through a share purchase plan to eligible shareholders at USD 0.085 cents per share. The SPP will have a record date of November 23rd 2011. Just last month the company delivered a maiden JORC Resource at the Blue Star and Green Zone deposits within its Mount Remarkable Project in Northwest Queensland.

Blue Star's Inferred Resource is 177,000 tonnes at 2.31% copper and 0.27 grams per tonne gold for 4,100 tonnes of copper and 1,520 ounces of gold, while Green Zone's Inferred Resource is 430,000 tonnes at 0.9% copper for 3,860 tonnes of copper.

Syndicated controls tenements covering an area of over 4,000 square kilometers in the Mount Isa region. Blue Star and Green Zone are both located within the Leichhardt JV tenements with Mount Isa Metals where Syndicated holds 51% and management.

Syndicated is also building a significant metal resource inventory with its interests in the Barbara copperand gold deposit and the Kalman molybdenum, rhenium, copper and gold deposit both within 60 kilometers of existing infrastructure at the Mount Isa mining center.

Mr Russell Davis MD of Syndicated said that the proceeds of the placement would allow the company to maintain the momentum of its exploration and development activities including the current drilling program at the promising Andy’s Hill copper-gold target.

(Sourced from www.proactiveinvestors.com.au)