Austral raises A$17m for exploration and debt
PERTH (miningweekly.com) – Copper miner Austral Resources will raise A$17-million to fund exploration and to repay debt.
The company on Thursday announced that it had received firm commitments for the placement of 45.9-million shares, at a price of 37c each.
The offer price represented a 17.8% discount to Austral’s last trading price and a 16.2% discount to its five-day volume weighted average share price.
Under the placement, MD and CEO Dan Jauncey will subscribe for A$1-million worth of new shares, subject to shareholder approval at a general meeting.
“We are delighted with the support for the placement and welcome a number of new institutional investors to the register. Austral would like to thank our existing shareholders for the continued support and we look forward to delivering on our strategy,” Jauncey said on Thursday.
Austral is currently undertaking drilling work to increase copper inventory at its operations in Queensland. During the June quarter, the company delivered 354 000 t of ore from its Anthill mine, with 156 996 t of stacked ore at the Mt Kelly heap leach, setting a production target of more than 6 000 t of copper cathode production in 2022 and more than 12 000 t in 2023.
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