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.
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.
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.
Both projects are within trucking distance of the proposed processing plant at the Sconi project.