THE BOURSE WHISPERER: Auroch Minerals (ASX: AOU) has received commitments to raise $1.06 million to fund high-grade nickel sulphide exploration activities at the company’s Saints and Leister nickel projects in Western Australia.
Auroch Minerals will issue 19.3 million fully paid ordinary shares at 5.5 cents per share.
Placement shares will attract a 1 for 2 free attaching option with an exercise price of 10 cents and expiry date of 30 November 2021.
Both the Saints and Leister nickel projects contain existing high-grade nickel sulphide resources as well as multiple advanced drill-ready targets.
The company believes they have strong potential to increase the resources with drilling programs funded by this placement.
“We are extremely pleased with the show of support from professional, sophisticated and other investors,” Auroch Minerals managing director Aidan Platel said in the company’s announcement to the Australian Securities Exchange.
“We welcome our new investors to the register, and look forward to progressing our aggressive exploration programs at our Saints and Leister Nickel projects and creating value for our shareholders.”