Aurumin Limited (ASX: AUN) (Aurumin or Company) is pleased to announce that it has secured firm commitments to raise a total of $2.5 million (before costs) through the issue of approximately 78 million shares at an issue price of $0.032 per share (Placement). The Placement was well-supported by both existing and new shareholders.
Highlights
Successful Placement
- Firm commitments received to raise a total of $2.5 million through the issue of approximately 78 million shares at an issue price of $0.032 per share (Placement). The Placement was strongly supported by existing major shareholders and directors
- Bids received well in excess of the offer size and scaled back
- Firm commitments from directors and management totalling $396,000 with director participation subject to shareholder approval.
- Firm commitments from Collin St Asset Management and associated parties for $700,000
- Boutique Melbourne firm Peak Asset Management (Peak) acted as Lead Manager to the Placement
Exploration Activity
- Following the redemption of the outstanding balance of the Convertible Note, and Placement commitments, the Company is now debt-free and fully funded for all planned exploration for CY2024.
- Drilling is planned to get underway at the Company’s flagship Sandstone Gold Project during April
- Drilling to commence on existing targets, on the mining leases
Aurumin's Managing Director, Brad Valiukas, commented: “
We are very pleased to have cleared the remaining balance of the Convertible Note and thank Collins St, existing shareholders, and directors for their support of the Placement. Aurumin is now debt free with a strong cash position, having transformed the balance sheet, and we are unlocking potential for growth.”
We look forward getting out and drilling at our flagship 946koz Sandstone Gold Operations ASAP. Following recent divestments Aurumin is strongly focussed on the Sandstone Project and will look to generate the critical mass required for future production starting with open pits.”
About us:
Aurumin Limited is an ASX-listed mineral exploration Company focused on two project areas in Western Australia. The Sandstone Gold Operations were cornerstone by the acquisition of the Central Sandstone Gold Project by the Company in early 2022.
Contact details:
Jane Morgan