Auric Mining secures $17M capital placement
By Brie CarterKey points
- Auric Mining received firm commitments to raise approximately $17 million through a two-tranche share placement at $0.185 per share.
- Auric Mining shares dropped 14.13% to $0.20 following the discounted capital raise announcement.
- The company will use the funds to acquire gold assets, expand drilling, and redevelop the Burbanks processing plant.
Auric Mining (ASX:AWJ) secured firm commitments from institutional and existing investors to raise approximately $17 million before costs.
The capital raising adds to the $33 million cash balance Auric Mining held at the end of September.
The placement issues 91,891,892 new shares at $0.185 each across two tranches, alongside a share purchase plan capped at $3 million.
Following the announcement, the Auric Mining share price was down at $0.20.
Auric Mining stated that the proceeds will fund drilling at Munda and Union Jack, plus the Iron Maiden project acquisition.
The company also noted that full redevelopment of the Burbanks processing plant remains subject to securing additional future funding.
Frequently asked questions
More from Australia
Talga Group battery anode reaches 8,000 test cycles
Ore Resources starts 3,000-metre drilling at Mount Monger
Paladin Energy announces $525M equity raising
GrainCorp initiates CEO succession after 201% return
Catalina Resources secures $2M Topdrill drilling agreement
Nanoveu cuts AI chip energy use by 56×
-4-640x360.webp&w=3840&q=75)