• $1.2 million capital raise through strategic placement
• Funds to be used for continued diamond drilling and updating JORC MRE
• Recent C4 lode discovery intersection of 7.3m at 40.5 g/t AuEq to be followed up

Nagambie Resources Limited (ASX: NAG) has announced that it has received firm commitments to raise $1.2 million (before costs) through a strategic placement. The funds will be used to continue diamond drilling, targeting antimony and gold veins outside of the current JORC Mineral Resource Estimate (MRE), as well as to immediately follow up on the recent exciting C4 lode discovery intersection which returned 7.3m at 40.5 g/t AuEq (7.0% Sb, 1.8 g/t Au) from 154m. Additionally, the proceeds will be used to update the current JORC MRE and add to working capital. The placement will consist of the issue of approximately 92.3 million shares at an issue price of 1.3 cents per share, representing a 20% discount to the 15-trading-day volume-weighted average price (VWAP) and a 23.5% discount to the last traded price of 1.7 cents. For every two new shares subscribed for under the Placement, there will be one free attaching unlisted option with an exercise price of 2.6 cents and a two-year expiry. JP Equity Partners acted as Lead Manager to the Placement and will be paid a 6% plus GST fee on the funds raised.