Auric Mining Ltd (ASX:AWJ) will take total proceeds from its recent capital raising to $2.29 million, putting it in a strong position to advance exploration in the Widgiemooltha-Higginsville area of Western Australia.
The raising was completed with a share purchase plan (SPP) which raised $962,000, while company directors and its corporate adviser will also place the SPP shortfall for a further $288,000, before costs.
This SPP provided eligible shareholders with the opportunity to subscribe for up to $30,000 of SPP shares at $0.072 per share, together with a 1 for 2 free attaching option at the same price paid by participants in recently completed placement.
Notably, the SPP and shortfall will raise a total of $1.19 million following the recent placement that raised $1.1 million from sophisticated and professional investors.
SPP summary
Auric accepted applications for more than 13.36 million new fully paid ordinary shares under the SPP for $962,000.
The SPP shares will be issued today, with options to be issued on a basis of one option for every two SPP shares.
The company is raising the shortfall by the issue of about 4 million shortfall shares at the same price as the SPP shares.
Lazarus Capital (Vic) Pty Ltd has been engaged to manage this process.
In a statement, Auric Mining said: "On behalf of the board, the company wishes to thank existing shareholders who participated in the SPP and new shareholders that participated in the placement for their ongoing support of the company."