MacPhersons raises cash for exploration

Metals developer MacPhersons Resources will raise up to A$4.4-million through a share placement and share purchase plan (SPP) to fund resource drilling at its Boorara gold project, in Western Australia. The company said on Monday that an initial A$2.93-million would be raised through a share placement to institutional and professional investors. The placement would consist of up to 22.6-million shares, priced at 13c each.