Azure Minerals Limited (ASX: AZS) (Azure or the Company) is pleased to advise that it has received commitments to participate in a share placement (Placement) of approximately 64.20 million fully paid ordinary shares at $0.027 each to raise approximately $1.733 million. In addition, under the terms of the Share Placement one (1) free attaching option exercisable at $0.045 each (expiring on 30 November 2016) will be awarded for every 8 shares allotted in the placement.
The placement will be made to institutions and professional and sophisticated investors, all domiciled outside of Australia. Included is Drake Private Investments LLC (Drake), a prominent New York based investment fund which is Azures largest shareholder.
Funds raised from the placement will be used to continue exploration of the Companys Mexican projects, particularly the Cascada mineralisation at the Promontorio project and for general working capital.
Managing Director Mr Tony Rovira stated: We are very pleased with the response the Company has received from these international based institutions and sophisticated investors who have participated in this share placement. I am particularly pleased with Drakes ongoing commitment and continued support. With this capital raising in place drilling will recommence at Cascada as soon as all drilling and environmental approvals are in place, expected to be in 4 to 8 weeks time.
-ENDS-
For further information, please contact:
Tony Rovira
Managing Director
Azure Minerals Limited
Ph: +61 8 9481 2555
Press / Investor Relations
Victoria Thomas
Six Degrees Investor Relations
Ph:+61 3 9645 7567
or visit www.azureminerals.com.au
