Australian exploration and development company AuKing Mining (ASX:AKN) has raised $2.126 million in a second tranche (T2 placement) capital raising to fund proposed drilling activities at the Manyoni and Mkuju uranium projects in Tanzania.
The capital was raised at an issue price of $0.10 per share, which is a 69% premium to AuKing’s closing share price on 14 March 2023.
The placement has been completed with the issue of 21.26 million shares and 10.63 million free-attaching options exercisable at $0.20 on or before 30 September 2025 to private sophisticated investors.
Commenting on the capital raise, AuKing Chief Executive Officer (CEO) Paul Williams says the completion of the T2 placement is an important sign of investor confidence in the company’s proposed drilling and other exploration activities in Tanzania.
“This funding allows AuKing to proceed immediately with its proposed drilling and related activities at the Manyoni and Mkuju projects in Tanzania”
“This funding allows AuKing to proceed immediately with its proposed drilling and related activities at the Manyoni and Mkuju projects in Tanzania. AuKing is also on target to present the findings in the coming weeks of its Scoping Study for the proposed mining operations based around the Sandiego deposit at the company’s Koongie Park project in north-eastern Western Australia.”
AuKing reports it has sufficient resources to pursue its appeal that has been filed with the Minister of Minerals in Tanzania in relation to the 2 revoked prospecting licences (PL) at Manyoni.
AuKing Mining is an Australian exploration and development company pursuing copper, uranium, and base metals projects in Australia and abroad. The company’s portfolio includes the Koongie Park Copper-Zinc Project in Western Australia, as well as the Manyoni and Mkuju uranium projects in Tanzania.
Images: AuKing Mining Ltd
