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Australian Mines launches share purchase plan to raise up to $10 million

Proactive Investors Wednesday, 12 June 2019
Australian Mines Ltd (ASX:AUZ) will launch an underwritten share purchase plan (SPP) to raise $5 million with the ability to take oversubscriptions of up to $5 million. Eligible shareholders will be able to subscribe for up to $15,000 worth of shares priced at a 20% discount to VWAP measured over the five days preceding the date of issue of shares. The funds raised through this SPP will be used to advance the company’s Sconi Cobalt-Nickel-Scandium Project in North Queensland. READ: Australian Mines price jump attracts ASX query The company has three projects in Australia with a focus on the Sconi Cobalt-Nickel-Scandium Project in Queensland. AUZ has had a busy start to 2019, centred around an updated JORC resource in February 2019 for its Sconi Project. With a bankable feasibility study (BFS) valuing the project at $697 million in November 2018, the focus for AUZ is project funding. READ: Australian Mines reveals new resource at Bell Creek Nickel-Cobalt Project In late April 2019, AUZ revealed a new resource of 25.8 million tonnes grading 0.72% nickel and 0.04% cobalt at its Bell Creek Nickel-Cobalt Project in Queensland. Bell Creek was acquired as part of the recently completed transaction with Metallica Minerals Ltd (ASX:MLM) along with the Minnamoolka Nickel-Cobalt Project. Both projects are within trucking distance of the proposed processing plant at the Sconi project.
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