https://www.engineeringnews.co.za
Exploration|Gold|PROJECT|Resources|Drilling
Exploration|Gold|PROJECT|Resources|Drilling
exploration|gold|project|resources|drilling

Anglo Australian raises cash

18th September 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Gold and base metals explorer Anglo Australian Resources will raise A$11-million in a single tranche placement to fund exploration at the Mandilla gold project, in Western Australia.

Anglo Australian will issue some 64.7-million shares, at a price of 17c each, to sophisticated and professional investors. The offer price represents a 12% discount to the company’s five-day volume weighted average share price, and an 8% discount to its last trading price.

The shares will be placed under the company’s existing capacity and would not require shareholder approval.

In conjunction with the share placement, Anglo Australian would also undertake a share purchase plan (SPP) to raise a further A$3-million, which will also be priced at 17c a share.

The SPP will open on September 25 and will close on October 14.

“The proceeds of this placement and SPP will provide an outstanding platform for Anglo Australian to unlock the full value of the Mandilla gold project through an extensive exploration and resource definition drilling programme, which will underpin the delivery of a maiden mineral resource estimate during the December 2020 quarter, as well as the commencement of technical and feasibility studies,” said Anglo Australian MD Marc Ducler.

“Following the completion of the 10 600 m reverse circulation programme that’s currently under way, the company plans to conduct an additional 60 km of reverse circulation and 10 km of diamond drilling, with these programmes expected to run continuously throughout most of 2021.”

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.078 0.136s - 160pq - 2rq
Subscribe Now