🕐02.03.11 - 00:54 Uhr

Overland Resources [ASX: OVR] - Overland Resources makes a $11,9 million Placement



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Overland Resources [ASX: OVR] - Overland Resources makes a $11,9 million Placement

Overland Resources Limited (ASX:OVR, �Company�) is pleased to announce that it has received binding commitments to place 47.5 million new ordinary shares at a price of AU$0.25 per share to raise AU$11.875 million (the �Placement�).

These shares will be placed primarily to institutional and sophisticated investors in North America that are clients of Paradigm Capital Inc., the lead manager to the Placement.

Funds raised will be used to further advance the development of the Company�s Yukon Base Metal Project and for general working capital purposes, including:

� Completion of pre-production activities and preparation of mine permitting submission documents;

� Acceleration of exploration programmes to extend resources at known deposits/prospects and to evaluate numerous high priority regional targets;

� Pursuit of additional growth opportunities.


The Placement will be completed in two tranches:

� The first tranche will comprise the issue of 21 million shares (approximately 44% of the Placement) under the Company�s 15% capacity.

This tranche will be settled on or around 10 March 2011.

� The Company will seek shareholder approval at an extraordinary general meeting to be held on or around March 30, 2011 to approve the second tranche, which shall comprise the issue of a further 26.5 million shares.

Subject to shareholder approval, this tranche will settle on or around 2 April 2011.

Please see attachment for more details.

For further information, please contact:

Hugh Bresser
Managing Director
Phone: +61 8 9226 5566
Email:

Media
Fortbridge
Bill Kemmery
Mobile: +61 400 122 449
Email:
Luke Dean
Mobile: +61 414 535 433
Email:


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