PERTH (miningweekly.com) – ASX- and Aim-listed Aura Energy has raised A$3.7-million in a share placement to fast-track its Haggan vanadium project, in Sweden.
The company raised some A$2.14-million in a first tranche placement under its existing placement capacity, with the placement of the balance of shares subject to shareholder approval.
The shares were priced at 1.9c each, with one option attached to every two shares subscribed for. The options are unlisted and can be exercised at a price of 3.3c each before September 2019.
Aura executive chairperson Peter Reeve said on Thursday that the capital from the raising would be used to advance the company’s current technical programmes, with particular emphasis on testwork and flowsheet development for the vanadium elements of the Haggan battery metal project.
The company would now start technical and study work on the Haggan project, and will undertake a vanadium concept study into the production of high-purity vanadium pentoxide at the battery metal project.