(Kitco News) – Azure Minerals (ASX:AZS) said last week that it received commitments to place 50.0 million shares at $0.74 per share to raise a $37 million through clients of Euroz Hartleys.
The pricing represents a 9.8% discount to the last closing price, a 5.9% discount to the 10 day VWAP and a 26.3% premium to the 30 day VWAP.
Managing director Tony Rovira said funds will be used to accelerate exploration at the Andover Nickel-Copper project and commence exploration on the Pilbara gold projects.
“The first five holes drilled by us at Andover are nothing less than exceptional, with all intersecting substantial widths of nickel-copper sulphide mineralisation. We will immediately move to secure multiple drill rigs for the drill-out of the VC-07 target and to test the other 12 strong electromagnetic (EM) anomalies on the project,” said Rovira.
“The funding also allows us the capacity to commence exploration on the Turner River Gold Project, which is along strike of De Grey Mining’s Hemi and other gold discoveries. We are looking to expedite the grant of the exploration licences and start work as soon as possible.”
A Monday drilling news release highlighted hole ANDD0006, which intersected a 53.6m-wide mineralised envelope containing “…significant intervals of nickel-copper sulphides including several zones of massive and semi-massive sulphides.”
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