AuKing Mining Ltd (ASX:AKN) has secured binding commitments from sophisticated and professional investors to raise A$1.5 million (before costs) via an unbrokered share placement.
Funds from the placement will be used to advance exploration programs, provide flexibility to assess and pursue strategic opportunities, support working capital, and cover placement costs.
The placement comprises 428,571,429 new fully paid ordinary shares priced at $0.0035 per share, with free-attaching options offered on a 1-for-1 basis.
AuKing plans to complete the equity issue across two tranches:
- Tranche 1: 231,000,000 shares to be issued under the company’s existing placement capacity (ASX Listing Rules 7.1 and 7.1A), raising $808,500 (less costs).
- Tranche 2: 197,571,429 shares, subject to shareholder approval at an extraordinary general meeting (EGM), raising $691,500 (less costs).
The free-attaching placement options will have an exercise price of $0.005 and expire on December 31, 2029. Their issue is also subject to shareholder approval at the proposed EGM.
While the placement is unbrokered, AFSL holders who assist with raising funds will receive a 6% fee on amounts they introduce and are set to receive 25,000,000 options on the same terms as the placement options, subject to shareholder approval.
The company intends to convene an extraordinary general meeting in February 2026 to seek shareholder approval for the Tranche 2 share issue and the proposed options to placement participants and AFSL contributors.