Australian Goldfields Limited (CNSX:AUGF) will seek acquisitions. The Company announced that it has closed a non-brokered private placement issuing an aggregate of 39,560,000 units (the 'Units') at a price of CAD 0.10 per Unit raising gross proceeds of CAD 3,956,000. The proceeds from the placement will be used for the exploration overview outlined below, new project evaluation and potential acquisition, Company advertising and investor awareness, and general working capital purposes.