PERTH (miningweekly.com) – Precious metals hopeful Austral Gold will launch a non-renounceable pro-rata rights offer to raise A$5.6-million to fund brownfield exploration at its projects in Argentina and Chile.
Eligible shareholders will be able to subscribe for one new share for every seven shares held, at a price of 8c a share. The offer will also include one option for every one-and-a-half shares subscribed for, which can be exercised at a price of 9.2c each until the second anniversary of the date of issue.
The shares under the rights offer will be issued within Austral Gold’s existing placement capacity, and will not require shareholder approval.