Azure sets A$130m raising target

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21st August 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – Lithium and nickel developer Azure Minerals on Monday unveiled a A$130-million capital raise initiative to fund exploration work at its Andover project in Western Australia.

The ASX-listed company has launched an underwritten A$120-million two-tranche institutional placement.

The first tranche of the placement will consist of 41.6-million shares, at an offer price of A$2.40 a share, to raise an initial A$100-million. The first tranche will be placed under the company’s existing placement capacity.

The second tranche of 8.4-million shares, to raise a further A$20-million, will be subject to shareholder approval.

Azure’s major shareholders Sociedad Química y Minera de Chile S.A. (SQM) and Yandal Investments, which hold a 19.98% and 13.37% interest respectively, have each signed pre-commitment letters to participate in the placement, with SQM intending to top up its shareholding to 19.99% post completion of the planned share purchase plan (SSP).

Azure recently rebuffed an expression of interest from SQM, which had offered an indicative price of A$2.31 a share for Azure.

“Azure is delighted to announce the underwritten institutional placement, which provides a strong capital base to accelerate exploration and resource drilling at Andover as we advance towards announcing a maiden lithium mineral resources targeted in the first quarter of 2024,” said Azure MD Tony Rovira on Monday.

“Additionally, the placement provides sufficient funding to progress various studies at Andover, including a scoping study which is expected to be finalised in 2024. The placement provides a strong endorsement for Andover as one of the best lithium exploration projects globally, with abundant outcropping mineralised pegmatites and substantial widths of high-grade mineralisation intersected from limited drilling to date. The company remains incredibly optimistic about the potential scale of Andover and looks forward to realising the full potential of this exciting discovery.

“In addition to the placement, we are also pleased to offer our existing eligible shareholders the opportunity to participate in the equity raising via the SPP.”

The SPP, which will also be priced at A$2.40 a share, will give eligible shareholders the opportunity to subscribe for up to A$30 000 of new shares in the company, and is aimed at raising A$10-million.

The SPP will open on August 30 and close on September 13.

Edited by Creamer Media Reporter



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