Symbol Mining Limited (ASX:SL1) announced a private placement 100,000,000 shares at AUD 0.03 per share for gross proceeds of AUD 3,000,000 on May 16, 2018. The transaction attracted strong support from existing investors and it was oversubscribed from amount sought AUD 2,500,000. The placement will happen in two tranches and will issue 62,713,770 shares in first tranche under the company’s existing 15% placement capacity under ASX Listing Rule 7.1 and is expected to be completed on May 21, 2018 and will issue 37,286,230 placement shares in second trance following shareholder approval to be held in July 2018. Directors and management subscribed for AUD 120,000 worth of new shares. The shares to the participating Director will be issued subject to shareholder approval and will be issued under Tranche 2 of the placement. A free attaching listed option will be included on a 1:1 basis exercisable at AUD 0.045 on or before June 30, 2020 subject to shareholder approval.