(Kaieteur News) – Australian-listed Liberty Metals has secured A$5 million (approximately US$3.5 million) through a share placement to fund exploration and other works, at its newly acquired Oko North and Oko South gold projects in Guyana.

Liberty Metals entered into a binding four-year option agreement with a private Guyanese vendor (name not disclosed) to acquire 90% interest in the Oko North and Oko South Gold Projects, a package of 40 granted medium-scale mining permits covering approximately 44,288 acres, or 180 square kilometres (km²), in the Cuyuni Mining District of Region Seven.

In conjunction with the acquisition, Liberty also received firm commitments from “sophisticated and professional” investors to raise A$5 million through the issue of 2 billion fully paid ordinary shares at an issue price of A$0.0025 per share.