ASX-listed Azure Minerals has received firm commitments for its A$120-million two-tranche placement. The company this week unveiled a A$130-million capital raise initiative to fund exploration work at its Andover project in Western Australia.
PERTH – ASX-listed Azure Minerals has received firm commitments for its A$120-million two-tranche placement.
The company this week unveiled a A$130-million capital raise initiative to fund exploration work at its Andover project in Western Australia. Azure on Tuesday said Tranche 1 of the placement had raised A$100-million, while Tranche 2 was expected to raise a further A$20-million, subject to shareholder approval.
“The strong support shown from both new and existing institutional investors in this Placement is testament to Andover as one of the best lithium exploration projects globally. We look forward to further delineating the potential scale of this exciting discovery,” said MDSettlement of Tranche 1 is expected on August 28, and Azure shareholders are expected to meet in early October to vote on the Tranche 2 share placement.
In addition to the share placement, the company will also undertake a share purchase plan , which will also be priced at A$2.40 a share, giving eligible shareholders the opportunity to subscribe for up to A$30 000 of new shares in the company, with the aim of raising A$10-million.
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