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Alicanto Minerals Raising AU$30 Million via Institutional Placement; Shares Fall 7%

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Alicanto Minerals (ASX:AQI) has raised AU$30 million through the issue of 19.4 million fully paid ordinary shares to institutional and sophisticated investors at AU$1.55 per share, representing a 4.6% discount to the 20-day volume-weighted average price, according to a Wednesday filing with the Australian bourse.

The proceeds will be used to support resource growth drilling, exploration activities, studies, approvals, working capital, and transaction costs, per the filing.

The company expects to have around AU$41 million in cash following completion, before transaction costs, the filing added.

The company's shares fell 7% in recent Wednesday trade.

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