Lithium and nickel developer Azure Minerals on Monday unveiled a A$130-million capital raise initiative to fund exploration work at its Andover project in Western Australia. The ASX-listed company will has launched an underwritten A$120-million two-tranche institutional placement.
PERTH – Lithium and nickel developer Azure Minerals on Monday unveiled a A$130-million capital raise initiative to fund exploration work at its Andover project in Western Australia.
The first tranche of the placement will consist of 41.6-million shares, at an offer price of A$2.40 a share, to raise an initial A$100-million. The first tranche will be placed under the company’s existing placement capacity. Azure’s major shareholders Sociedad Química y Minera de Chile S.A. and Yandal Investments, which hold a 19.98% and 13.37% interest respectively, have each signed pre-commitment letters to participate in the placement, with SQM intending to top-up its shareholding to 19.99% post completion of the planned share purchase plan .
“Azure is delighted to announce the underwritten institutional placement, which provides a strong capital base to accelerate exploration and resource drilling at Andover as we advance towards announcing a maiden lithium mineral resources targeted in the first quarter of 2024,” said Azure MD“Additionally, the placement provides sufficient funding to progress various studies at Andover, including a scoping study which is expected be finalised in 2024.
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