- Austin Metals (AYT) receives commitments to raise $2.5 million which it says will be used to accelerate exploration at its namesake gold project in Western Australia
- Shares have been issued at 2.3 cents which represents a 14 per cent discount from 15-day volume weighted average as at 21 January this year
- The company says exploration will focus on the Shadow prospect including shallow aircore (AC) drilling and soil sampling
- A gravity survey to identify gold bearing structures for drilling with the AC program expected to kick off in the “near term”
- Shares are down 10.7 per cent trading at 2.5 cents
Austin Metals (AYT) has received commitments to raise $2.5 million which it says will assist with accelerating exploration at its namesake gold project in Western Australia.
Shares have been issued at 2.3 cents which reportedly represents a 14 per cent discount from 15-day volume weighted average as at January 21 of this year.
The company said exploration will focus on the Shadow prospect including shallow aircore (AC) drilling and soil sampling.
Assays are pending for a significant amount of exploration work at the Shadow prospect including 168 shallow AC holes which have been designed to test initial soil anomalies and where significant quartz veining has been observed in the drilling.
A gravity survey also commences to identify gold bearing structures for drilling with the AC program expected to kick off in the “near term”.
Austin Metals Director Leo Horn said the placement involved new and existing shareholders.
“The placement was well supported by existing Austin Metals shareholders and will also see new investors join the register,” he said.
Shares were down 10.7 per cent trading at 2.5 cents at 3.30 pm AEDT.