- Aruma Resources’ (AAJ) shares closed today’s session up 41 per cent after raising $1.56 million to fund drilling and exploration across its Western Australian projects
- The company tapped sophisticated and professional investors for the funds in exchange for 20 million shares at $0.078 apiece
- Proceeds from the raise are set to fuel drilling and at the Mt Deans lithium project and further exploration at the Salmon Gums and Melrose Gold Projects
- Aruma Resources’ shares closed today’s session up 41.2 per cent trading at 12 cents
Aruma Resources’ (AAJ) shares closed today’s session up 41 per cent after raising $1.56 million to fund drilling and exploration across its Western Australian projects.
The company said it has received firm commitments from sophisticated and professional investors to raise the funds, offering up 20 million AAJ shares at $0.078 per share.
Proceeds from the capital raise are set to be used for drilling at the Mt Deans Lithium Project in the lithium corridor in south-east Western Australia, and drilling and exploration at the Salmon Gums and Melrose gold projects also in WA.
Aruma said its initial focus will be conducting a maiden drill programme at Mt Deans once it receives approval for a programme of work, which it expects to receive later this month.
A maiden drilling campaign is also tipped to start at Salmon Gums once the company receives its programme of work approval in the current month.
The company said it also plans to focus on the Melrose Project, in the Pilbara region of WA, where “drill-ready” targets have been identified.
Rawson Lewis are acting as lead managers to the placement and are entitled to receive a 6 per cent fee on the funds raised.
Aruma Resources’ shares closed today’s session up 41.2 per cent trading at 12 cents.