THE BOURSE WHISPERER: Azure Minerals (ASX: AZS) has banked an impressive $15 million, raised through a placement to institutional and sophisticated investors.
A total of 395 million fully paid ordinary shares will be issued at a price of 3.8 cents.
The company plans to also undertake a Share Purchase Plan to existing shareholders to raise a further $3 million.
Azure indicated the funds would be put to use by accelerating development studies and the continuation of the ongoing exploration campaign on the silver and gold discoveries at the company’s Alacrán project in northern Mexico.
“The strong investor support has significantly strengthened our balance sheet,” Azure Minerals managing director Tony Rovira said in the company’s announcement to the Australian Securities Exchange.
“I am very pleased with the support shown from both existing shareholders and institutions in North America, Europe and Australia.
“The Alacrán project is one of the most exciting projects I have been involved with and I am looking forward to being able to accelerate both our development and exploration programs.”