BUZZ-Australia's Petratherm gains on raising funds to expedite titanium project

Reuters09-17

** Shares of Petratherm Ltd rise as much as 16.3% to A$0.050, their highest level since Nov. 29 last year

** PTR on track for best day since Sept. 11 if current gains hold

** Trading in shares was halted on Monday pending capital raising announcement

** More than 2.1 mln shares change hands, vs the 30-day average of around 520,000 shares

** Australian copper-gold and rare earths explorer says it raised A$1.6 mln ($1.08 mln) via share placement to accelerate exploration of Muckanippie titanium project in South Australia

** Share placement at A$0.035 apiece, a discount of 18.6% to last closing value on Sept. 13

** Co also resolves to offer share purchase plan to raise up to an additional A$1 mln

** Funds raised will be used at Muckanippie and other copper projects

($1 = 1.4826 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com; Twitter: ))

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