Astral Resources to Raise AU$65 Million via Two-Tranche Share Placement
MT Newswires Live
Dec 10
Astral Resources (ASX:AAR) received firm commitments to raise around AU$65 million through a two-tranche placement of roughly 325 million new shares at AU$0.20 apiece, according to a Wednesday filing with the Australian bourse.
In tranche one, about 316.5 million shares will be issued, while 7.4 million shares will be issued in tranche two, with company directors subscribing for 1.1 million shares, subject to shareholder approval, the filing said.
Proceeds will be used to advance exploration and evaluation activities at the Mandilla, Feysville, and Spargoville projects in Western Australia, per the filing.
Shares fell 2% in midday trade on Wednesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.