A total of 3.44mln units priced at 32 cents were sold. Each unit consisted of one share and half a warrant. The full warrant entitles the holder to acquire a share at 40 cents.
The bulk of the proceeds will be used to expand first-phase exploration at Azarga’s Unkur Silver-Copper Project, in the Zabaikalsky province of eastern Russia.
The drill program has been expanded to 5,000 metres from 3,000 and the mining exploration group has added trenching and a ground magnetic survey to its plan.
“Any remaining proceeds will be used for general corporate purposes,” it added.
Impressive assay results
On Thursday Azarga delivered the latest assay results from Unkur, having completed 10 holes for a total of 2,400 metres – and they underlined the huge potential of the deposit.
Mineralization was uncovered in deeper-lying sections in previously-reported diamond core drill-hole AM-001 along with data from another hole - AM-011.
Importantly, AM-001 was shown to establish multiple horizons of significant mineralization.
This was not observed in the shorter drill holes, nor seen in historical exploration records, the firm said.
Intersections deeper down included 18 meters at 70 grams per tonne of silver and 0.81% copper from 314.5 meters to 332.5 meters.
Within that was seven meters at 137.7 grams silver and 1.51% copper.
This comes on top of results reported last month from the hole, which showed an intercept of 40 meters at 65.9 grams of silver and 0.74% copper from 82.5 meters to 122.5 meters.
Meanwhile, in AM-011 intercepted 13.7 meters at 38.7 grams silver and 0.59% copper.
That included 5.9 meters at 86.4 grams of silver and 1.25% copper.
This hole extended the strike length approximately 600 meters to the south east of previously reported drill-hole AM-007, the firm noted.
Deposit has potential
President and chief executive Dorian (Dusty) Nicol said: "In addition to continuing to explore the recognized mineralized zone, we will look to test the 'multiple mineralization horizon' idea across the deposit because confirmation of such could lead to a substantial increase in our views of the potential scale of any deposit at Unkur."
Azarga owns 60% of the Unkur Silver-Copper project along with the right to acquire the remaining 40%.