Auteco raises A$20m for Canadian gold hunt
PERTH (miningweekly.com) – ASX-listed Auteco Minerals will raise A$20-million through a share placement to fund the ongoing drilling campaign aimed at growing the high-grade 2.23-million-ounce gold resource at the Pickle Crow project, in Canada.
The company will place 250-million shares, at a price of 8c each to domestic and international institutions. The issue price represents a 4.8% discount to the last closing on February 16 and a 13% discount to the 10-trading-day volume weighted average market price.
“The strong demand for the placement and the quality of the institutions which subscribed reflects our exploration success at Pickle Crow and the outlook for further growth,” said Auteco executive chairperson Ray Shorrocks.
“We have already created immense value for shareholders by recently adding more than half-a-million ounces to the resource in rapid time at a cost of less than A$20/oz and this raising will help ensure we continue to do that.
“Auteco has one of the highest-grade gold resources greater than two-million ounces in a tier 1 jurisdiction of any ASX-listed company and is actively exploring both around the old mine and regionally.”
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