June 21 (SeeNews) - Canada-based gold exploration and development company Medgold Resources said on Tuesday it has raised $1.5 million (1.3 million euro) to fund project-generating exploration in Serbia.
"Our early stage work has identified a number of key district-scale targets which are the focus of our first licence applications there [in Serbia]. We hope to have the first licences issued in the late summer or early fall of this year," Medgold President Dan James said in a statement.
The European-focused, TSX-V listed company has closed a previously announced non-brokered private placement financing with the issuance to Fortuna Silver Mines of 10 million units at $0.15 per unit.
($=0.886 euro)