Austin Metals Limited (ASX:AYT) Announces $1.25M Capital Raising to Boost Exploration
Capital Raising
Austin Metals Limited (ASX:AYT) has secured $1.25 million through a placement of 250,000,000 ordinary shares at $0.005 each. Investors will receive one free attaching unlisted option for every two placement shares issued, exercisable at $0.01 with a two-year expiry.
Exploration Projects
The funds will accelerate exploration at the Austin Gold Project and Ashburton Copper-Gold Project, focusing on the Mt Sandy and Brunswick Hill Prospects. The RC drilling program aims to extend mineralisation with recent intercepts of 12m @ 12.5g/t Au and 1.7% Cu, and 13m @ 4.1% Cu and 0.3g/t Au.
Executive Comments
Austin Metals Director Paul L’Herpiniere said, “We are very pleased to have raised this capital as we embark on very exciting drilling programs across two key highly prospective gold and gold copper exploration projects. We are in the right commodities of gold and copper and any further drilling success will have a material impact on the Company’s value and we look forward to reporting the results as they come to hand.”
Motley Fool contributor Abbie Stokes 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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