Auric Mining Ltd (ASX:AWJ) has completed a $2.38 million capital raising with a share purchase plan (SPP) and shortfall bringing in $1.25 million before costs.
The gold exploration company is now well funded to continue its exploration activities in the Widgiemooltha-Higginsville area of WA.
Auric recently completed an aircore drilling program at the Chalice West Project near Higginsville-Widgiemooltha, where it drilled 227 aircore holes for 7,200 metres, with all samples now submitted for analysis.
Read more: Auric Mining wraps up aircore drilling program at Chalice West
Details of the raise
Auric issued a total of 3,999,995 fully paid ordinary shares at an issue price of $0.072 per share in the SPP shortfall. The company also issued 1,999,994 options on the basis of one option for every two shortfall shares.
The SPP followed the successful placement of $1.13 million to sophisticated and professional investors as announced on September 29, 2022, taking total capital-raising proceeds to $2.38 million.
All securities have now been issued. The current capital structure is as follows:
