PERTH (miningweekly.com) – ASX-listed Axiom Mining will raise up to A$6.9-million to fund the further development of the Isabel nickel project, on the Solomon Islands.
The capital raising will include a one-for-ten rights issue, priced at 16c a share, to raise an initial A$5.6-million. The rights issue will contain an attaching option on a seven-for-four basis, meaning that for every 100 shares issued, some 175 options would be received.
Axiom will also make a loyalty bonus option issue, under which eligible shareholders holding 125 000 or more fully paid ordinary shares will be issued one free loyalty bonus option for every eight shares held.
In addition, the company is opting to raise a further A$1.25-million through a private share placement, which will also be priced at 16c a share. The private placement will also come with one attaching option for every two shares bought.
All options will be listed on the ASX with an exercise price of 40c each, and an expiry date of December 14, 2018.