Aguia Resources (ASX:AGR) has decided to reduce the subscription price for a previously reported share purchase plan (SPP) from $0.040 to $0.036, to raise $3 million.
On 26 May 2025, Aguia unveiled the SPP to advance a drilling program at the Santa Barbara Gold Project in Colombia. The funds will also be used to further develop the Tres Estrades Phosphate Project and general working capital.
The SPP closing date has been extended to 27 June at 5pm AEST.
Earlier this week, Aguia, which has a market capitalisation of $58.44 million, revealed its plans to get a second drill rig onsite at the Santa Barbara Project, to expedite the current program.
The second rig will be arriving onsite in the coming weeks to support extending the drilling to intersect the known mineralised vein systems at depth for mine planning purposes.
Aguia completed the first two diamond drillholes, as part of the planned 25-hole program. The program aims to confirm the distribution of gold mineralisation and its continuity for grade control, vein widths, and future underground development planning, as well as grade and tonnage estimation.
Aguia Resources is a mining company with five wholly owned projects in Colombia and Brazil. All three Colombian projects exhibit gold, silver, and copper.
Write to Aaliyah Rogan at Mining.com.au
Images: Aguia Resources
