SYDNEY, AUSTRALIA: First Au Limited (ASX: FAU) has entered into a conditional agreement with the owners (shareholders) of PG Exploration Pty Ltd to acquire 100% of the issued capital of PG Exploration.

PG Exploration holds four applications for exploration licences and has made a ballot application in the Pilbara region of Western Australia.

First Au Limited (FAU) also announced that it has received binding commitments from unrelated sophisticated, professional and other exempt investors for a two-tranche placement of ordinary shares at $0.003 (0.3 cents) per Placement Share to raise $1.5 million before costs.

Every two Placement Shares are to be accompanied by one free-attaching option with an exercise price of $0.012 (1.2 cents) and expiring 18 months from issue.