- Asra Minerals (ASR) taps investors for $2.7 million through a share placement to support exploration and drilling work across its gold prospects
- The company will issue roughly 128.6 million shares at 2.1 cents per share to raise the funds
- Participants of the placement will receive three free attaching options for every four shares subscribed for, exercisable at 3.5 cents and expiring on November 30, 2023
- Asra says it will use the money to complete rare earth element (REE) assaying, metallurgical testwork, resource definition drilling and exploration at its gold prospects
- Shares in Asra are down 24.1 per cent and are trading at 2.2 cents at 12:23 pm AEST
Asra Minerals (ASR) has received binding commitments to raise $2.7 million through a share placement to support exploration and drilling work across its gold prospects.
The company will issue roughly 128.6 million shares at 2.1 cents per share to raise the funds.
Participants of the placement will also receive three free attaching options for every four shares subscribed for, exercisable at 3.5 cents and expiring on November 30, 2023.
Subject to shareholder approval, company directors will commit $90,000 to the placement.
“Asra is now well-positioned to maximise shareholder value through its ongoing exploration and development programs on its highly prospective Mt Stirling project, particularly on its 5.2 kilometre REE prospects,” Executive Chairman Paul Summers said.
“The board eagerly awaits the preliminary results of the metallurgical test work being undertaken on samples collected from its Yttria HREE prospect as well the completion of
maiden resource estimate at Yttria.
“As has already been announced to the market, we have received approvals for up to 50,000 metres of drilling at our REE prospects, which gives us excellent exploration latitude as we continue to develop the prospects.”
Asra will use the money from the placement to complete rare earth element (REE) assaying, metallurgical testwork, resource definition drilling and exploration work at its gold prospects.
New shares issued under the placement are expected to settle on July 26.
Shares in Asra Minerals were down 24.1 per cent and were trading at 2.2 cents at 12:23 pm AEST.