Astral Resources (ASX:AAR) has concluded its share purchase plan (SPP) that received subscriptions of $1.6 million from eligible shareholders.
The $54.38 million market capitalisation company announced to the ASX on 11 August 2023 the SPP to support the advancement of Astral’s Mandilla and Feysville Gold projects in Western Australia.
Commenting on the SPP, Astral Resources Managing Director Marc Ducler says: “We are really encouraged by the strong support received from our existing investors, who elected to participate in the SPP.
Following the recently announced update to the Mineral Resource Estimate at Mandilla of 37Mt at 1.1g/t Au for 1.27Moz of contained gold and the imminent release of the Mandilla Scoping Study, there are genuinely exciting times ahead for Astral.
Funds raised under the placement and the SPP will be used to continue to advance the company’s Mandilla and Feysville Gold projects.”
Eligible shareholders had the opportunity to apply for up to $30,000 worth of new shares at an issue price of $0.065 for each new share issued, without incurring brokerage or other transaction costs.
Just over 23.95 million new shares will be issued today (15 September). Holding statements will be dispatched on 18 September.
Astral Resources is a Perth-based gold and base metals explorer, focused on discoveries in Western Australia. The company’s portfolio of assets includes the Mandilla Gold, Feysville, and Carnilya Hill projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Astral Resources
