PERTH (miningweekly.com) – Dual-listed Aura Energy will raise A$10-million in a share placement to progress its Tiris uranium project, in Mauritania, towards development and to fund resource growth.
The company on Wednesday said it had received firm commitments for the placement of 54.05-million shares, at a price of 18.5c each, with the offer price representing a 17.8% discount to Aura’s last closing price and a 23.6% discount to the company’s five-day volume weighted average share price.
The placement will be done under Aura’s existing placement capacity, and will not require shareholder approval.
“This capital raising provides the required funding for Aura to continue our development planning works on the Tiris project ensuring that it is ready for development when the uranium market signals and to enable ongoing efforts to identify additional, higher grade, low-cost resources in the Tiris Zemmour region of Mauritania,” said Aura chairperson Philip Mitchell.
“Naturally, in Sweden, we will continue to support the government strategy as it systematically reviews the national energy policy and evaluates the requirements to retract the ban on uranium mining.”
In conjunction with the share placement, Aura will also undertake a share purchase plan (SPP) aimed at raising a further A$1-million. Some 5.4-million shares are up for issue, with shareholders able to subscribe for up to A$30 000 of additional shares in the company.
The SPP will open on May 17 and close on June 13.