Aruma Resources (ASX:AAJ) is conducting a placement to raise $3.52 million for exploration across its portfolio of projects in Australia.
The company will issue 390.56 million shares at $0.009 per share across two tranches, with the issue price representing a 23.7% discount to the 15-day volume weighted average price (VWAP).
Oakley Capital Partners will act as the lead manager to the placement.
Tranche one intends to issue 81.9 million shares on or around 21 October, before the second tranche delegates the remaining 308.66 million shares, subject to shareholder approval.
Aruma Director Brett Smith and Chairman James Moses have both indicated their support for the placement, subscribing for a total of 12.78 million shares, valuing $115,000. Smith and Moses’ participation is also awaiting shareholder approval at an upcoming general meeting.
Proceeds will be used to fund drilling at the Fiery Creek Cooper Project and systematic fieldwork to define maiden drill targets at the Bortala Copper Project, both located in Mt Isa, Queensland.
The company will also conduct an infill sampling program at the Tunnel Creek prospect in the Saltwater Project in Western Australia ahead of a maiden drilling program, and a sampling program at the Wilan Project in South Australia, targeting heavy mineral sands.
As of 15 October 2025, Aruma has spiked its share price by 30.77% to trade at $0.017.
Aruma Resources is a mineral explorer focused on developing its multi-commodity portfolio of assets.
Write to Maddison Elliott at Mining.com.au
Images: Aruma Resources
