(Alliance News) - Aura Energy Ltd said Wednesday it has raised AUD475,000, around GBP252,600, through a placing and subscription for working capital purposes.
The minerals company issued 105.4 million shares at a price of 0.45 cents per share, and one share option for every two share issued, exercisable at a price of 0.80 cents, with a term of two years from the date of issue.
Shares in Aura Energy - which is based in Victoria, Australia - were down 7.7% at 0.30 pence on Wednesday in London.
"Aura has four distinct activities progressing steadily despite the tough conditions in the market. The Tiris definitive feasibility study remains poised for execution, the Haggan scoping study is complete allowing corporate transactions, the gold assets are attracting good corporate interest and the compensation action in Sweden is progressing well," said Executive Chair Peter Reeve.
"These all impute strong value within the company and these funds will allow progression of some of these areas to the next stage," Reeve added.
Aura Energy now has 1.53 billion shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Aura Egy (AURA)