July 23 (Reuters) - Genesis Minerals Ltd GMD.AX :
* $0.7M secured to advance ulysses project GMD.AX
* Says resource drilling to commence in August with a mining study on ulysses to be completed by December 2015
* Funds from the placement will be used for drilling to upgrade the confidence in the ulysses resource
* Says placement to sophisticated and professional investors via the issue of up to 70 million new shares at an issue price of $0.01
* Says placement price is $0.01 per share, which represents a 25% premium to the last traded price
* To issue up to 70 million new hares at an issue price of $0.01"
* Also under co's remaining capacity will issue 10 million shares to vendors of ulysses project to satisfy ulysses share sale agreement
* Source text for Eikon ID:nASX2V4PbZ