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.