- AuKing Mining (AKN) completes the second tranche of its capital raising to pocket $2.13 million
- With approval from shareholders, the placement saw the issue of 21.3 million shares at 10 cents per share and 10.6 million free-attaching options exercisable at 20 cents before September 30, 2025
- It follows AKN’s recent acquisition of a “substantial” portfolio of assets in Tanzania that it considers prospective for uranium and copper development opportunities
- The funding will allow AuKing to launch its proposed drilling programs at the Manyoni and Mkuju uranium projects in Tanzania, plus pursue its appeal against two revoked prospecting licences at Manyoni
- AuKing Mining shares are up 11.86 per cent to 6.6 cents at 10:08 am AEDT
AuKing Mining (AKN) has completed the second tranche of its capital raising for $2.13 million.
Under the placement, AKN issued 21,260,000 shares at 10 cents per share — a 69 per cent premium to its last closing share price on March 14.
The company recently bought a “substantial” portfolio of assets in Tanzania that it considers prospective for uranium and copper development opportunities.
Following the tick of approval from AKN shareholders, the T2 placement has now wrapped up, with the company also issuing 10,630,000 free-attaching options — exercisable at 20 cents before September 30, 2025 — to private sophisticated investors.
AuKing CEO Paul Williams said the completion of the placement was an “important sign” of investor confidence in the company’s proposed drilling and exploration in Tanzania.
“This funding allows AuKing to proceed immediately with its proposed drilling and related activities at the Manyoni and Mkuju uranium projects in Tanzania,” the CEO said.
“AuKing is also on target to present the findings in the coming weeks of its scoping study for the proposed mining operations based around the Sandiego deposit at the company’s Koongie Park project in north-eastern Western Australia.”
Additionally, Mr Williams told investors AuKing had “sufficient resources” to pursue its appeal filed with the Minister of Minerals in Tanzania in relation to the two revoked prospecting licences at Manyoni.
The Tanzanian Mining Commission revoked the licences without warning in February, and AuKing said it believed this went against the provisions of the country’s Mining Act, hence the appeal.
AuKing Mining shares were up 11.86 per cent to 6.6 cents at 10:08 am AEDT.