Oversubscribed Placement Attracts Professional And Sophisticated Investors
Auroch Minerals Limited (ASX:AOU) has received firm commitments from professional and sophisticated investors for a placement to raise approximately A$2,900,000.
Managing Director Aidan Platel said the heavily over-subscribed placement was a fantastic show of support from professional, sophisticated and other investors, and a great indication that Auroch has the right team and high-quality nickel sulphide assets to create significant value for our shareholders.
“We’d like to thank existing shareholders for their continued support and we welcome our new investors to the register,” Mr Platel said.
“The funds will enable the company to continue its aggressive exploration programmes at our Saints and Leister Nickel Projects with the intention of upgrading the existing high-grade nickel sulphide Mineral Resource estimate of 1.05Mt @ 2.0% Ni for 21.4kt of contained nickel metal.”
Proceeds from the Placement will be used by Auroch to fund its aggressive exploration programmes, in particularly drilling, for further high-grade nickel sulphide mineralisation at the Saints and Leinster Nickel Projects, and for general working capital purposes. Current and upcoming drill programmes include:
- Firefly and North Sinclair Prospects – RC drilling – currently underway
- Saints Nickel Project – RC drilling at T1 – commencing next week
- Valdez Prospect – DHEM to identify conductors – commencing next week
- Horn Prospect RC and diamond drill programme to upgrade historic resource to JORC(2012) – commencing early October
- Saints Nickel Project – T4 & T6 air-core drill programme – commencing late October
- Saints Nickel Project – infill resource drilling to upgrade existing high-grade Mineral Resource estimate of 1.05Mt @ 2.0% Ni & 0.2% Cu