Azzuro Resources secures $3.1M strategic investment
- Azzuro Resources entered into a subscription agreement to raise $3.1 million from Kerry Resources Logistics.
- Kerry Resources Logistics will hold approximately 19.9% of the total issued shares upon completion of the transaction.
- The capital will directly fund resource definition, metallurgical testing, and initial commercial studies at Western Mongolian exploration tenements.
Azzuro Resources (ASX:AZ9) secured a $3.1 million strategic placement through issuing 203,875,000 CHESS Depositary Interests to Kerry Resources Logistics (Hong Kong).
"The $3 million investment fully funds our resource definition, metallurgical testwork and initial commercial study at Red Hill project, putting us on a clear path to turn discovery into value," said Azzuro Resources Managing Director Gan-Ochir Zunduisuren.
The newly raised funds will be applied towards working capital and exploration work at its Mongolian tenements, where the subscriber may nominate one director to the board while holding at least a 15% stake.
Following the announcement, the Azzuro Resources share price was up to $0.015.
The exploration company previously identified new mineralised zones across its Red Hill copper-gold and Oval copper-nickel-PGE projects in southwest Mongolia.
The strategic placement was completed within the entity's existing placement capacity under ASX Listing Rules, requiring no prior shareholder approval.
