THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) completed an $8.2 million placement to institutional and sophisticated investors.
Azure Minerals said the funds raised would enable the company to continue development studies at its Oposura project in Mexico and to accelerate its exploration campaign to further define the high-grade, near-surface gold and cobalt mineralisation on the Sara Alicia project, also in Mexico.
“I am very pleased with the strong support shown from institutions in North America, Europe and Australia,” Azure Minerals managing director Tony Rovira said in the company’s announcement to the Australian Securities Exchange.
“This heavily oversubscribed placement places Azure in a very strong position moving forward, as we work towards completing development studies at Oposura and fast-track exploration at the Sara Alicia gold and cobalt project.
“With both zinc and cobalt prices at decade highs, we believe that the company is ideally placed to accelerate both Oposura and Sara Alicia towards development.”