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Australian Mines receives oversubscriptions in SPP, secures $5.8 million

The oversubscriptions due to high shareholder demand have been accepted by the company.

three hands dropping coins into three jars
This means there will be no shortfall shares issued at a later date

Australian Mines Ltd (ASX:AUZ) has closed its underwritten share purchase plan (SPP) oversubscribed with $5.8 million worth of applications.

These funds will be used to advance the company’s flagship Sconi Cobalt-Nickel-Scandium Project in North Queensland and for general working capital.

AUZ’s managing director Benjamin Bell said: “We value the ongoing support from our shareholders as we progress the Sconi Cobalt-Nickel-Scandium Project in North Queensland through to a Final Investment Decision during the second half of this year.”

READ: Australian Mines drill results support extension to Flemington resource

The company has three projects in Australia with a focus on the Sconi Cobalt-Nickel-Scandium valued at $697 million in the November 2018 bankable feasibility study (BFS).

AUZ has had a busy start to 2019, centred around an updated JORC resource in February 2019 for its Sconi Project.

The Flemington Project is AUZ’s second battery materials project where assay results are in the process of being received from the completed May 2019 drilling program.

Drilling aims to expand the JORC resource at Flemington and to date 82% of the results have been received, which have discovered a new zone of high-grade cobalt and scandium mineralisation.

Quick facts: Australian Mines Ltd

Price: 0.014 AUD

Market: ASX
Market Cap: $55.46 m

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