African Gold raises ?1.4m for Ghana

Exploration company African Gold has issued 28 million shares at 5p, raising ?1.4m, in a private institutional placing.

The company says it will use the funds to continue its gold drilling programmes at the Konongo and Banka sites in Ghana.

It says 14 of the drill holes analysed to date at Konongo have been found to contain commercial grade gold mineralisation. A total of 31 holes have been drilled to date in Konongo and results on the remaining 17 are due shortly.