Australian Mines launches underwritten share purchase plan

Australian Mines launches underwritten share purchase plan

Advanced battery materials developer Australian Mines (ASX: AUZ) is undertaking, by way of a prospectus, a share purchase plan to raise $5 million, with the ability to accept oversubscriptions of an additional $5 million. The SPP will be underwritten to $5 million by Patersons Securities, which is acting as lead manager to the raising.


Advanced battery materials developer, Australian Mines (ASX: AUZ) is undertaking, by way of a prospectus, a Share Purchase Plan to raise $5 million with the ability to accept oversubscriptions of an additional $5 million.

The SPP will be underwritten to $5 million by Patersons Securities Limited (“Patersons”) who are acting as Lead Manager and Underwriter to the SPP. The New Shares (as defined below) will be issued at a 20% discount to the Volume Weighted Average Price (VWAP) trading price over the five trading days before the date of issue of the New Shares and will only be offered to Eligible Shareholders (as defined below) free of brokerage and fees.

In addition, the SPP is subject to certain relief sought from ASX. The funds raised through this SPP will be used to advance the Company’s Sconi CobaltNickel-Scandium Project in North Queensland and for general working capital.

Details of the Share Purchase Plan The Company will offer Shareholders who were registered shareholders as at 5:00pm Australian Western Standard Time (AWST) on Tuesday 11 June 2019 (“Record Date”) (“Eligible Shareholders”) the opportunity to apply for new fully paid ordinary shares (“New Shares”) in the Company under the SPP.

Additionally, and subject to the Company’s remaining available placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A, and after consultation with Patersons, the Company may undertake an offer of New Shares to sophisticated investors at the same price as those under the SPP (“Top-Up Placement”) to raise a further $5 million (before costs).

The Top-Up Placement (if undertaken) will be conducted by Patersons in its role as lead manager. Under the SPP, Eligible Shareholders will be given the opportunity to purchase up to $15,000 worth of New Shares in the Company at a discount and without incurring brokerage or transaction costs.

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