Aurelia raises cash for Hera exploration
PERTH (miningweekly.com) – Metals miner Aurelia Metals has launched a non-renounceable rights issue to raise some A$10-million to fund a drilling campaign at it Hera-Nymagee project, in New South Wales, as well as to pursue potential growth transactions.
The miner said on Tuesday that it would offer eligible shareholders the opportunity to subscribe for one new share, for every eight held, at a price of 23.4c a share.
The offer price was an 8.5% discount to Aurelia’s 30-day volume weighted average price, and an 8.2% discount to the company’s last closing price.
The offer was fully underwritten by Key Pacific Advisory Partners and fully sub-underwritten by the company’s largest shareholder Pacific Road Capital Management.
“On the completion of this rights issue, Aurelia will be very well placed to lift its exploration activity, pursue potential company growth transactions, as well as retaining a sensible working capital,” said MD Rimas Kairaitis.
Aurelia was in the final stages of commissioning its Hera gold-lead-zinc mine, which poured its first gold earlier this year. The first lead-zinc concentrate was also shipped in November.
The project was expected to deliver some 39 000 oz/y of gold and 18 600 t/y of lead-zinc.
Aurelia was also undertaking an exploration campaign at the project area to build on previous exploration success that had not been incorporated into the project’s 1.8-million tonne initial reserve. The company was hoping to use the funds from the rights issue to increase the resource estimate at both the Hera and Nymagee deposits.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation