Dec 16 (Reuters) - Korab Resources Ltd KOR.AX :
* KORAB RESOURCES LTD - RESOLVED TO RAISE FUNDS BY WAY OF PLACEMENT OF UP TO 4.5 MILLION SHARES AT 1.1 CENTS EACH TO UN-RELATED EXEMPT INVESTORS
* KORAB RESOURCES LTD - FUNDS WILL BE USED FOR WORKING CAPITAL, PROGRESSION OF PROJECT PERMITTING, AND TO REDUCE LIABILITIES