Aston raises cash for Canadian exploration
PERTH (miningweekly.com) – Junior Aston Minerals will raise A$29.25-million to fund exploration work in Canada.
The company on Wednesday revealed that it would undertake a share placement to raise an initial A$7.75-million, as well as a further A$21.55-million through a flow-through raise, issuing a total of 158.9-million shares.
The flow-through raise will be priced at 20.44c a share, representing a premium of 27.8% to Aston’s last closing price, while the placement will be priced at 14.5c a share, representing a 10% discount to the company’s last closing price.
Both the flow-through and share placement will be conducted under Aston’s existing capacity.
Company executive chairperson Tolga Kumova has subscribed for A$2.5-million in shares, with corporate director Rob Jewson taking a further A$250 000 worth of shares.
Aston told shareholders that the funds raised will go towards completing resource definition drilling at the Bardwell nickel/cobalt prospect, as well as reconnaissance drilling at the Boomerang nickel/cobalt target, and for drilling extensions at the Edleston Main, Sirola and other regional gold prospects.
“The company is now in a strong financial position to deliver on its objectives to define a potentially globally significant nickel/cobalt sulphide deposit in a tier 1 mining jurisdiction. Having low cost, environmentally friendly hydroelectric power strengthens the status of this project to meeting modern industry best environmental practices,” said Kumova.
“With the increased funding, we will be phasing into having three rigs operating at Bardwell and a fourth rig alternating between additional prospects within the Boomerang target and gold prospects.”
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