Australian Mines raises $5.8m via SPP
Advanced battery materials developer Australian Mines' (ASX: AUZ) underwritten Share Purchase Plan has closed oversubscribed, with applications totaling $5.8 million received from eligible shareholders.
Australian Mines has elected to accept the oversubscription amount and the Company has notified Patersons Securities Limited that there will be no shortfall from the SPP.
Under the revised timetable, New Shares will be issued on 22 July 2019 and final pricing will be advised at that time.
The funds raised will be used to advance the Company’s Sconi Cobalt-Nickel-Scandium Project in North Queensland and for general working capital.
Australian Mines Managing Director, Benjamin Bell, commented: “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 Decision2 during the second half of this year.”