- Aruma Resources (AAJ) will raise $3.1 million through a placement to fund further exploration and drilling for its lithium and gold projects in Western Australia
- AAJ will issue 31 million shares at a price of 10 cents per share to sophisticated and professional investors
- The shares are not subject to shareholder approval and will be issued under the company’s placement capacity
- The company said the placement will put it in a strong financial position of approximately $5.2 million
- Shares were trading 8.33 down at 11 cents at the end of the trading day
Aruma Resources (AAJ) will raise $3.1 million through a placement to fund further exploration and drilling for its lithium and gold projects in Western Australia.
The company will issue 31 million shares at a price of 10 cents per share to sophisticated and professional investors.
The shares are not subject to shareholder approval and will be issued under the company’s placement capacity.
Funds will primarily be used for exploration and follow-up drilling at its Mt Deans lithium project, as well as its Salmon Gums and Melrose gold projects.
It will also be used regional explorational at the Saltwater gold project, working capital, and costs associated with the offer.
The company is currently awaiting assay results for 3,943 metres of drilling at the Salmon Gums gold project.
The company said the placement will put it in a strong financial position of approximately $5.2 million.
Shares were trading 8.33 down at 11 cents at the end of the trading day.