Proactive Investors - Run By Investors For Investors

Ausmex raises $7 million in oversubscribed placement for exploration at Mt Freda Complex

The Mt Freda Complex hosts a large mineralised system that contains shallow gold, copper, cobalt and rare earth elements.
Share chart with upward line
The placement price of 12 cents represents a 17% discount to the company’s last closing price on March 27.

Ausmex Mining Group Ltd (ASX:AMG) has received strong support from existing and new institutional and sophisticated investors in a $7 million placement.

The company has received commitments for the over-subscribed placement comprising more than 58 million shares at a price of 12 cents per share.

Funds raised will be used for exploration activities including an extensive drilling campaign at the company’s Tier 1 iron oxide copper gold (IOCG) target within the Mt Freda Complex near Cloncurry in Queensland.

It is expected that almost 35 million shares will be allotted under listing rule 7.1 with the remainder to be allotted under listing rule 7.1A.

New shareholders welcomed

Ausmex managing director Matt Morgan said: “The company thanks its existing shareholders for their ongoing support and welcomes a number of new institutional and sophisticated shareholders onto the company’s register.

“AMG is now well positioned to advance its exploration activities and we look forward to updating the market on our progress.”

Settlement is expected to occur on April 5, 2019, with new shares to rank equally with the existing fully paid ordinary shares.

Subject to shareholder approval, the placement includes 250,000 shares to the managing director.

Armada Capital & Equities Pty Ltd and CPS Capital Group Pty Ltd acted as joint lead managers for the placement.

View full AMG profile View Profile

Ausmex Mining Group Ltd Timeline

Related Articles

Drill pad preparation at Mt Freda complex in Queensland
April 30 2019
Its focus is on ground in Tier 1 provinces, such as on the Mt Freda complex in Queensland and an Olympic Dam structural corridor in South Australia.
Mining picture
The flagship project is the Lac Guéret Extensions graphite property in Manicouagan County, Quebec
White Mesa Mill
Headquartered in Colorado, Energy Fuels is a fully-integrated producer of both uranium and vanadium, and owner of the only operational conventional uranium mine in the US
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use