PERTH (miningweekly.com) – ASX-listed Aeon Metals will raise A$9.5-million through a share placement and share purchase plan (SPP) to fund exploration work in Queensland.
Aeon on Monday announced that it would issue more than 86.2-million shares, at a price of 5.8c each, to raise an initial A$5-million under the company’s existing placement capacity.
A second tranche of more than 77.5-million shares would be placed subject to shareholder approval at a meeting scheduled for August, raising an additional A$4.5-million.
Aeon’s major shareholder OCP Asia will invest some A$4.4-million through the share placement, subject to shareholder approval.
In addition to the two-tranche share placement, Aeon will also undertake an SPP to allow shareholders to participate in the capital raise, putting some 51.7-million shares up for purchase, to raise an additional A$3-million.
“Aeon is currently advancing both its site drilling campaign and metallurgical testwork to support the Walford Creek prefeasibility study, which is expected to be completed during the first quarter of 2022,” said Aeon MD and CEO Dr Fred Hess.
“We also intend to move quickly to commence a regional exploration programme, primarily focused on our substantial tenement package to the east of Walford Creek, the Basin Edge project, and our tenements to the west of Mt Isa, prospective for iron-ore/copper/gold and sedimentary copper style targets.”