Korab Resources Limited (ASX:KOR) announced a private placement of 2,170,000 common shares at AUD 0.092 per share for gross proceeds of AUD 199,640 on January 2, 2013. The transaction will see participation from an offshore gold fund.

On January 4, 2013, Korab Resources Limited closed the transaction. The company issued 2,173,913 shares to a returning investor, Genus Dynamic Gold Fund, a fund managed by Baker Steel Capital Managers LLP. The company raised AUD 200,000 in this transaction.