Australian mineral firm CuDeco hopes to raise A$52.5m in a share issuing in order to fund its Rockland project in Queensland.

The money will help CuDeco step up resource and exploration drilling at Rockland as well as carry out a definitive feasibility study (DFS) that will include pit optimisation, geo-engineering and ecological impact studies.

CuDeco executive chairman Wayne McCrae said that the extra cash will also put the company in a strong position to negotiate project financing on completion of the DFS.

The company will offer four million shares at A$2.50 per share and allow ordinary shares for up to $42.5m for institutional investors.

Azure Capital will manage the placement offer which will close on or around the 5 June 2009.