AuKing raises exploration funding
PERTH (miningweekly.com) – Junior AuKing Mining will raise A$7.1-million in a share placement and underwritten entitlement offer to fund exploration in Western Australia and to fund the acquisition of a greater stake in the Koongie Park project.
The ASX-listed company will raise an initial A$3.6-million through a two-tranche share placement, priced at 14c each.
The first tranche share placement will be undertaken under AuKing’s existing placement capacity, and will consist of more than 18.8-million shares. A second tranche of 7-million shares will be subject to shareholder approval at the company’s annual general meeting, scheduled for late May.
AuKing will also undertake a one-for-three non-renounceable entitlement offer, to raise a further A$3.51-million.
The funds raised will be used to fund exploration work at the Sandiego and Onedin deposits, and at the Emull prospect, while also paying the first A$3-million cash instalment to Anglo Australian Resources to acquire a 25% interest in the Koongie Park joint venture, and all of the platinum group element interest at Koongie Park.
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