Gunson Resources raises capital for Coburn Zircon financing

Oct. 8, 2010 - Perth-based explorer Gunson Resources has received firm commitments from sophisticated investor clients of RBS Morgans Limited to take up to 4 million fully paid ordinary shares in GUN at 9 cents per share, to raise $360,000.
The placement will increase Gunson's issued capital to 177,465,312 shares and settlement is expected on Wednesday, 13th October 2010, with shares to be allocated the same day.
Funds raised will be used for working capital, progression of negotiations on financing of the Coburn Zircon Project where a Definitive Feasibility Study (DFS) was completed in January 2010, and to advance the Bankable Feasibility Study (BFS) on the Mount Gunson Copper Project, due for completion in late March 2011.
The company has strong growth prospects in the global zircon market, with demand expected to outpace supply.
Shareholder approval for the placement will be sought at the company's next annual general meeting on 30th November 2010.
On July 7 GUN raised $600,000 by issuing 10 million fully paid ordinary shares at 6 cents per share.