- Australia-focused battery metals company Azure Minerals announced Monday it has launched an underwritten A$120 million two-tranche institutional placement for the issue of 50 million new fully-paid ordinary shares at an offer price of A$2.40 per new share.
The company said the placement will provide a “strong capital base” to accelerate exploration and resource drilling at the Andover lithium and nickel-copper-cobalt project as the company advances towards announcing a maiden lithium mineral resources targeted in Q1 2024. Commenting on the offer, Managing Director Tony Rovira said, “The placement provides a strong endorsement for Andover as one of the best lithium exploration projects globally, with abundant outcropping mineralized pegmatites and substantial widths of high-grade mineralization intersected from limited drilling to date. The company remains incredibly optimistic about the potential scale of Andover and looks forward to realizing the full potential of this exciting discovery.
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