AuKing Mining (ASX:AKN) has completed an acquisition of the Myoff Creek Niobium-Rare Earths Project in British Columbia, Canada.
Under the acquisition, AuKing purchased all shares in North American Exploration (NAE), which held eight contiguous claims comprising the Myoff Creek Project.
The company has already paid a $50,000 fee and will also issue 57 million shares at $0.015 and 28.5 million free-attaching options at $0.03 on or before 30 April 2027 to existing NAE shareholders and their nominees.
AuKing has already issued 40 million shares to NAE vendors, with the balance of 17 million shares and 28.5 million options to be issued after shareholder approval is secured at an extraordinary general meeting, which will take place as soon as possible.
Managing Director Paul Williams says now the acquisition is completed, AuKing will take an aggressive approach to explore the project.
“We are continuing to see strong interest from investors with companies seeking to develop critical minerals projects, especially niobium and rare earths,” Williams says.
“The Myoff Creek Project presents AuKing with an excellent opportunity to attract some of that investor attention. While we aim to continue with exploration activities at our other projects, including the Mkuju Uranium Project in Tanzania, the immediate focus of our exploration team will be to generate results from Myoff Creek over the coming weeks.”
AuKing’s exploration team will conduct a site visit early next month to initiate the first phase of exploration at Myoff Creek. During this visit, the company will assess potential drill sites and organise logistics of an upcoming work program.
The company says this is expected to comprise a comprehensive sampling program coupled with drilling. These activities aim to further evaluate the mineral potential at depth and along strike.
The region is currently experiencing bushfire emergencies, which may curtail the site visit planning. AuKing says more information regarding this will be known closer to the time.
AuKing has also completed a placement to sophisticated and professional investors to raise $150,000 through issuing 10 million shares at $0.151 each. An additional series of free-attaching options will be issued with the shares on a one-for-two basis, exercisable at $0.03.
The funds will be used towards working capital purposes, including preparatory work associated with the proposed exploration activities at Myoff Creek.
AuKing is also conducting a rights issue to raise funds needed to begin the proposed exploration activities at Myoff Creek, as well as other planned activities across its portfolio of projects.
Further details about the rights issue will be provided in due course.
Empire Capital Partners acted as lead manager to the placement and will be lead manager to the rights issue.
AuKing Mining is an explorer and developer focused on its copper, uranium, and base metal projects in Tanzania and Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: AuKing Mining
