- Australian Mines (AUZ) raises almost $711,000 from an entitlement offer to fund activities at its Sconi project in Queensland
- A total of 6.18 million new shares will be issued at 11.5 cents each
- Each new share comes with one attaching option, exercisable at 14 cents and expiring in two years
- The funds will be used to accelerate activities at its Sconi project, including exploration programs and further studies to support the project’s financing process
- Shares are trading 1.43 per cent lower today 6.9 cents each at 10:43 am AEST
Australian Mines (AUZ) has raised almost $711,000 from an entitlement offer to fund activities at its Sconi project in Queensland.
A total of 6.18 million new shares will be issued at 11.5 cents each.
Each new share comes with one attaching option, exercisable at 14 cents and expiring in two years.
The funds will be used to accelerate activities at its Sconi project, including exploration programs and further studies to support the project’s financing process.
In addition, the money will assist in expanding the senior leadership team and working capital.
The company originally aimed to raise $3.7 million but recorded a shortfall of 25.99 million shares.
It will seek to place the shortfall over the next three months.
Shares were trading 1.43 per cent lower today 6.9 cents each at 10:43 am AEST.