AusAmerican shakes tin to advance Moz, US projects
PERTH (miningweekly.com) – Explorer AusAmerican Mining has raised A$2.6-million in an entitlement offer, after receiving acceptance of more than 493.3-million new shares and more than 247.1-million free attaching options.
The company said on Thursday that the shortfall of 380.4-million shares and 190.2-million free attaching options, would now be placed in accordance with the underwritten agreement with Komodo Capital.
AusAmerican told shareholders that the funds raised would be used to advance the Muda River gold project, in Mozambique, and to continue exploration at the Blue Bell and De Soto copper projects, in the US.
Meanwhile, shareholders were also made aware that AusAmerican had started negotiations with a third party around a "material transaction" to acquire a potential new mining or exploration project.
Given the confidential nature of the discussions, the company did not make any other information available.
However, AusAmerican noted that it was also in discussions with a number of international financial groups with a view to securing associated finance to fund the potential acquisition.
The company had raised A$501 000 through a share placement to sophisticated investors, through the issue of a further 167-million shares, at A$0.003 each, and 41.75-million options, at A$0.003 each, to fund the initial negotiation and acquisition costs.
The shares issued under the placement were done under the company’s existing capacity and did not require shareholder approval. However, the grant of the options would need shareholder approval, and a general meeting would be held within the next two months, the company said.
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