Avenira raises $48.9M through rights issue
Key points
- Avenira completed a capital raising to secure $48.9 million before costs via a renounceable rights issue and shortfall placement.
- The company will issue approximately 8.1 billion new fully paid ordinary shares.
- Funds will combine with existing debt facilities to finance the direct shipping ore phase of the Wonarah Phosphate Project.
Avenira (ASX:AEV) completed a capital raising to secure $48.9 million before costs to advance its phosphate mining operations.
The capital raising follows the announcement of the renounceable rights issue on Aug. 17.
"The capital raised underpins delivery of the Wonarah Phosphate Project, with pre-strip starting this quarter and first ore on ship in the first half of 2027," said Avenira Deputy Chairman Brett Clark.
The company stated that the capital raised, along with debt facilities, is expected to fully fund the Wonarah Phosphate Project's direct shipping ore phase.
Avenira stated that pre-strip operations will start this quarter, with the first ore on ship expected in the first half of 2027.
Following the announcement, the Avenira share price was unchanged at $0.006.
The proceeds will support mine establishment, site infrastructure, and working capital for the 100%-owned Wonarah project in the Northern Territory.
Major shareholder Hebang Biotechnology Investment and other primary investors took up their full entitlements under the capital raising.
