• Ordell raises $7 million through a placement to existing and new investors
• Funds will be used to continue drilling at the Barimaia Gold Project, targeting extensions to known mineralization and new discoveries
• Early-stage exploration will also continue at the Goodia and Fisher South Gold Projects

Ordell Minerals Limited (ASX: ORD) has announced that it has received binding commitments from existing and new institutional and sophisticated investors for a placement to raise approximately $7.0 million (before costs). The proceeds from the placement will be used to continue targeting significant extensions to the known mineralization and new discoveries at the McNabs East Prospect, as well as across the broader Barimaia Gold Project. The funds will also be used to continue early-stage exploration at the Goodia and Fisher South Gold Projects, and for general working capital purposes and to cover the costs of the placement. The placement will comprise the issue of 11,111,112 new fully paid ordinary shares in the company at an issue price of $0.63 per share. The new shares will be issued in a single tranche and will rank equally with existing fully paid ordinary shares. Ordell's Managing Director, Michael Fowler, commented that the company is pleased to have the support of existing and new investors as part of this important raising, which will allow Ordell to accelerate and expand its ongoing drilling programs at Barimaia. The company has approximately 15,000 meters of drilling planned over the next three months, aimed at significantly expanding the high-grade mineralization intersected to date at McNabs East and making new discoveries.

Investors can look forward to strong news-flow in the months ahead as Ordell continues to drill at the Barimaia Gold Project and continues with its exploration programs at the Goodia and Fisher South Gold Projects.