AustChina (ASX:AUH) has received a firm commitment for a placement to raise $412,500 from a sophisticated investor.
The proceeds will help fund the exploration costs to advance the gold and antimony prospects recently acquired in Tasmania, Australia, and will also provide working capital.
Under the placement, 275 million shares will be issued at $0.0015 per share, which represents a 50% premium to the 15-day volume weighted average price up to the date of the placement.
The shares are scheduled to be issued on or about 2 May 2025.
AustChina is a junior energy and mineral resources focused company with a strategy to build a platform for wider exposure to developing energy markets through targeted minerals and energy-focused investments.
Its current projects include the Blackall Coal Project in Queensland, investment interests in copper exploration and a holding in Organic Waste developer Utilitas Group.
Write to info@mining.com.au at Mining.com.au
Images: AustChina
