- Auroch Minerals (AOU) will raise $2.65 million via a placement to accelerate exploration and drilling work at various projects in Australia and the US
- Under the placement, Auroch will issue roughly 55 million new shares at 4.8 cents — a 4 per cent discount to its last closing price
- The funds raised will go towards accelerating drilling at the recently-discovered Kangaroo Hills lithium prospect within the Nepean nickel-lithium project in Kalgoorlie
- The company will also put some of the funds towards drilling and exploration work at its Nevada project in the US, the Saints and Leinster projects in WA, and the Arden project in South Australia
- Shares in Auroch are up 1.89 per cent and trading at 5.2 cents at 3:09 pm AEDT
Auroch Minerals (AOU) is set to raise $2.65 million via a private placement to accelerate exploration and drilling work at various projects in Australia and the US.
Under the placement, Auroch will issue roughly 55 million new shares at 4.8 cents — a 4 per cent discount to its last closing price.
The funds raised will go towards accelerating drilling at AOU’s recently-discovered Kangaroo Hills lithium prospect within the Nepean nickel-lithium project in Kalgoorlie and to fund a maiden drilling program at the Nevada lithium project in the US.
Additionally, funds will go towards advancing the Saints and Leinster nickel projects in Western Australia and testing priority REE targets at the Arden copper-zinc-REE project in South Australia.
Auroch Executive Chairman Michael Edwards said the company was “extremely pleased” with the strong support from shareholders for the placement.
“Post completion, the company will hold approximately $4.65 million in cash, putting us in a strong position to further advance the company’s lithium projects,” Mr Edwards said.
The company owns an 80 per cent stake in the Nepean and Nevada projects, and it wholly owns the Saints and Leinster nickel projects in WA.
Shares in Auroch were up 1.89 per cent and trading at 5.2 cents at 3:09 pm AEDT.