Aguia Resources (ASX:AGR) is set to raise up to AU$3 million via a share purchase plan to its shareholders with a registered address in Australia or New Zealand as of Friday, May 23, to each apply for up to AU$30,000 worth of its shares at AU$0.04 apiece, according to a Monday Australian bourse filing.
It proposed to put 75 million shares up for sale under the plan, and the board may accept oversubscriptions, at its discretion.
The SPP is set to open on May 30 and close on June 20.
It plans to use the funds to conduct an exploration drilling program at the Santa Barbara gold project in Colombia, mine development at the Tres Estrades phosphate project in Brazil, and for general working capital purposes.
Its shares fell 7% on market close on Monday.
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