Southern Alliance Mining (SGX:QNS) provided an update on the use of proceeds raised from the companyâs initial public offering, according to a filing with the Singapore Exchange on Friday.
Of the total SG$11.9 million raised from the IPO, the company used up SG$11.6 million on exploration activities, infrastructure investments, acquisitions and general working capital purposes.
The remaining balance is SG$357,000.
Shares of the iron ore exploration company were up over 3% in recent trading.
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