Spectrum Metals Limited (ASX:SPX) will look for acquisitions. Spectrum Metals announced a private placement of 116,000,000 shares at an issue price of AUD 0.0625 per share for gross proceeds of AUD 7,250,000 on August 1, 2019, and intend to use it to accelerate exploration at Spectrum’s high-grade Penny West/Penny North gold project in Western Australia, for undertaking any potential opportunistic tenement acquisitions, as well as for general working capital purposes.