Azure Minerals Limited (“Azure” or “the Company”) is pleased to announce it has entered into an agreement with a leading New York-based investment fund (“the Fund”) with a strong presence and background in the natural resources sector.
The funding, of up to A$3.25 million, will be used to continue the Company’s exploration of its very exciting Alacrán Project, while our partner Kennecott Exploration continues to sole-fund and earn-in on our Promontorio Project.
Azure’s Managing Director, Mr Tony Rovira said: “The North American capital markets are a natural fit with Azure’s Mexican projects and a key priority in providing long term support for our growth objectives. Participation in Azure from this leading U.S. institutional investor is particularly pleasing and complements the investment by our largest shareholder Drake Investments Inc., indicating confidence in our programs and potential for success.
“This agreement provides Azure with the perfect funding platform and financial stability to progress our projects. The approach of the Fund is unlike other similar styled investments and is a long-term investment. At our own discretion we will be able to raise equity to complement the variable capital requirements of advancing our Alacrán Project”.
The agreement provides Azure with the right to secure an equity investment from the Fund of a minimum of $100,000 each month, and up to $250,000 subject to certain conditions, over the next 24 months at a price equal to 80% of the 5 day VWAP prior to any investment request.
Tectonic Advisory Partners LLC (acting through Ecoban Securities Corporation) served as placement agent to Azure on the transaction.
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