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Australian Mines Raises AU$3 Million Via Share Placement to Advance NSW Project; Shares Hit Three-Year High

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-- Australian Mines (ASX:AUZ) said it has received firm commitments to raise about AU$3 million through the issue of 107.1 million new fully paid ordinary shares at AU$0.028 per share, with one listed option for every two new shares subscribed for, according to a Monday Australian bourse filing.

The company said 53.6 million listed options will be issued, exercisable at AU$0.032 and expiring on May 6, 2027, with all securities expected to be issued on or around May 13, the filing added.

The issue price of AU$0.028 represents a 16% premium to the 30-day volume-weighted average price and a 12% premium to the 15-day volume-weighted average price, with the placement led and cornerstoned by Tribeca Investment Partners, the filing added.

The company will apply the proceeds to advance a pre-feasibility study at its Flemington Scandium Project in New South Wales, among other uses, the filing added.

Australian Mines expects to have cash in excess of AU$6 million, before costs, following the placement.

The company's shares surged nearly 14% in recent Monday trade and earlier hit their highest since March 2023.

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