Astro shakes the tin
PERTH (miningweekly.com) – Junior Astro Resources will raise some A$2.7-million to fund various exploration ventures and working capital.
The company will place 190.8-million shares, at a price of 0.35c each, under the first tranche of the placement to sophisticated investors.
Shareholder approval will be sought for the second tranche placement, which will consist of a further 534.7-million shares.
Chairperson Jacob Khouri said on Wednesday that the support shown to the placement has endorsed the company’s strategy and recognised the value of its mineral sands assets and the upside which could come from its Nevada gold and East Kimberly diamond projects.
“The board looks forward to unlocking the value in these assets for shareholders. In addition, the board is focused on repaying or capitalizing the loan from Gun Capital Management so that the company can become debt free and has a clear path to long-term success.”
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