AusQuest Limited (ASX:AQD) Raises A$0.6 Million in Shortfall Placement
Funding Details
AusQuest Limited (ASX:AQD) has successfully raised approximately A$0.6 million through the placement of 75 million new fully paid ordinary shares at $0.008 each. This placement, related to the shortfall from the recently closed Rights Offer, brings the total raised under the offer to A$2.4 million.
Participants in the placement will also receive one free attaching option for every two shares acquired. This option is exercisable at $0.012 until 11 November 2027.
Future Projects
With the additional funding, AusQuest is set to commence drilling at the highly anticipated Cangallo Porphyry Copper Project in Peru in mid-December 2024. Furthermore, the company plans to prepare for drilling at Lantana and Playa Kali shortly thereafter.
AusQuest’s Managing Director, Graeme Drew, expressed satisfaction with the strong support from both new and existing shareholders. “We are looking forward to our busy schedule over the next 6 to 12 months,” he said. Drilling is also underway at Moora through a strategic alliance with South32.
Drew added, “We look forward to keeping our shareholders updated on our progress.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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