In a rue to propel the development of its Dargues Reef project in NSW, Cortona Resources Ltd raised a $10.3 million capital resulting in a surging company’s shares. The shares registered a 9.38% high at 17.5 cents at 1306 AEDT.

Managing Director Peter van der Borgh said this was a terrific outcome for Cortona. "We now have sufficient funds to achieve all of our current objectives as set out in the Rights Issue prospectus", he added.

The capital raising comprised a $2.5 million share placement to an international fund manager and a $7.8 million rights issue.

The company reveals that the Dargues Reef DFS and Planning Approvals process are in a development, and drilling campaigns at Dargues Reef in NSW and North Monger in WA are about to be initiated.

To this Mr van der Borgh added, "We now have sufficient funds to achieve all of our current objectives".

Company reflects full confidence over its power to create value for shareholders over the coming year as it moves towards gold production at Dargues Reef.