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From: B-Haile (eritrea.lave@comhem.se)
Date: Mon Dec 13 2010 - 02:31:32 EST
South Boulder Mines Ltd
ASX Release
13 December 2010
SOUTH BOULDER COMPLETES ABOVE MARKET PLACEMENT
South Boulder Mines Limited (ASX: STB) is pleased to announce the details of a capital raising of AUD $7 million via a placement of 3.5 million shares at an issue price of $2.00 per share.
The funds raised will be used to advance the development of the company's 100% owned Colluli Potash Project where recent work has confirmed extensive shallow potash mineralisation.
The placement, at a premium to the most recently traded share price is further validation of South Boulder's extremely significant potash development project.
The placement will be made to Sprott Asset Management LP, (Sprott) for and on behalf of certain Sprott Funds and managed accounts.
When the funds are received the company will have working capital of approximately $13.5 million (including the value of listed securities which are able to be liquidated).
More information:
Lorry Hughes
Managing Director
South Boulder Mines Ltd
+ 61 (8) 6315 1444
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