THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) is in a healthy position following the receipt of commitments to raise $37 million to clients of Euroz Hartleys Securities Limited.
Azure Minerals received assurances from new and existing institutional and sophisticated investors to raise the funds via the issue of 50 million fully paid ordinary shares at an issue price of 74 cents per share.
The company has the funds earmarked to immediately plan and undertake accelerated exploration at the large VC-07 target at its Andover nickel-copper project in Western Australia.
Azure currently has one diamond drill rig operating at Andover and, with the exception of a short Christmas break, will continue drilling into 2021.
“We are very encouraged by the positive response to our fundraising and are now in the strong position of accelerating the exploration on our new projects,” Azure Minerals managing director Tony Rovira said in the company’s ASX announcement.
“These projects tick all the boxes – right location, right commodities, right partner and delivering outstanding results.
“The first five holes drilled by us at Andover are nothing less than exceptional, with all intersecting substantial widths of nickel-copper sulphide mineralisation.
“We will immediately move to secure multiple drill rigs for the drill-out of the VC-07 target and to test the other 12 strong electromagnetic (EM) anomalies on the project.
“The funding also allows us the capacity to commence exploration on the Turner River gold project, which is along strike of De Grey Mining’s Hemi and other gold discoveries.
“We are looking to expedite the grant of the exploration licences and start work as soon as possible.”