Azure Minerals Limited (ASX: AZS) (“Azure” or the “Company”) is pleased to announce that the Company’s Share Purchase Plan (“SPP”) has closed, with total funds raised of approximately $2.24 million. This is an outstanding result given current market conditions, and reflects the quality of the underlying assets in the portfolio and the confidence of the Company’s shareholders. The funds raised will allow the company to significantly progress the exciting Alacrán Copper Project, recently acquired from Teck Resources, as well as providing for ongoing working capital requirements.
Given the strong demand from shareholders, the Azure Board of Directors has decided to accept all SPP applications in full, with no subsequent scale back. In addition, due to strong demand from the underwriters Azure will complete a top up placement of an additional $100,000 on the same terms as the New Shares offered under the SPP.
The issue price for shares to be issued under the SPP (New Shares) has been determined to be $0.0132 per New Share being a 20% discount to the 5 Day VWAP immediately prior to issue of the shares and accordingly, the Company expects to issue 177,462,238 New Shares under the SPP and placement today.
Azure’s Managing Director, Mr Tony Rovira said, “It is very pleasing to receive such strong support from our shareholders and I thank all those who took up their entitlements.
“This amount raised is more than double the amount originally sought and will allow us to accelerate our exploration work at Alacran, where we believe we have the potential to make a significant copper discovery. I look forward to rewarding the support of our shareholders by continuing exploration on our high quality projects.
“Our commitment to actively explore in Mexico continues to pay dividends, as evidenced by the previously announced agreements with the Rio Tinto Group entering into a very significant joint venture on the Promontorio Project and Teck choosing Azure to work on the Alacrán Project.”
-ENDS-
Original Article: http://www.azureminerals.com.au/azs//assets/2015/03/Results-of-SPP-Final.pdf
