PERTH (miningweekly.com) – Junior explorer Aurumin will raise A$4.7-million through a share placement and entitlement offer to fund exploration in Western Australia.
The ASX-listed company on Thursday announced that it would raise A$760-million through the placement of 19-million shares, at a price of 4c each to professional and sophisticated investors, under the company’s existing placement capacity.
Aurumin will also undertake an entitlement offer to raise a further A$3.9-million, allowing shareholders in Australia and New Zealand to subscribe for one new share for every two shares held. One free attaching quoted option would be issued for every one share subscribed for under the entitlement offer, which will be exercisable at 7c each and will expire at the end of August 2024.
Funds raised will be used to finance exploration at Aurumin’s Western Australian projects, including the company’s Central Sandstone project, to partially reduce the outstanding balance of a convertible note agreement, and to fund general working capital.