Kingfisher Mining (ASX: KFM) has secured commitments to raise $2.25 million to fund the next phase of exploration at its Copper Blow project. The raise was priced at 7 and a half cents, a premium of a bit over 5% to the 15-day VWAP, with support from existing shareholders and new sophisticated and professional investors. Managing director Chris Bitter said recent drilling returned 26 m at 2.57% copper and 0.75 grams per ton gold, including 13 m at 4% copper and 1.2 gold. The company will test the roughly 3 km of an untested 4 km magnetic trend, where geophysical and geochemical work has identified exploration targets.
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