PERTH (miningweekly.com) – Junior gold miner Aurelia Metals has given its underground mining contractor Pybar Mining Services some A$2-million worth of company shares as part payment for services rendered at the Hera mine, during July and August.
Aurelia on Monday said that it would issue Pybar with more than 5.59-million shares, at an average price of 35.7c a share.
Furthermore, Aurelia has amended a share subscription agreement with Pacific Road Capital, which would see Pacific Road subscribe to A$3.2-million of new Aurelia shares.
Under phase one of the agreement, Aurelia would issue about 2.77-million shares, at 24.34c each, to raise A$676 177. The second phase would see Aurelia issue 7.12-million shares, at 35.78c each, to raise a further A$2.5-million.
The funds raised would be directed towards ongoing exploration and general working capital.
Earlier this month, Aurelia poured its first gold at the Hera operation, in South Australia, following first concentrate production from the gold/lead/zinc project at the start of this month.