Avenira (ASX:AEV) has launched a three-for-two renounceable rights issue to raise up to $49 million for its Wonarah Phosphate Project in the Northern Territory.
The offer is priced at 0.6¢ per share, which is a 25% discount to the last close of 0.8¢ and 23% below the 10-day volume-weighted average of 0.78¢.
Funds will support capital works, including mining fleet deposits, camp expansion, mine development, and site infrastructure.
CEO John He says the raising marks a key step in Avenira’s ‘transition from developer to producer’.
“This raising is an important, [as] the funds give us the balance sheet to move Wonarah from a permitted project into an operating mine,” He says.
Major shareholder Hebang Biotechnology has confirmed it will participate fully, maintaining its 60% voting interest.
The rights issue is open to eligible shareholders in Australia, New Zealand, Hong Kong, China, and Singapore, with rights trading from 19 August and the offer closing on 10 September. Mahe Capital acts as lead manager for the raising.
Avenira targets pre-strip activities in the December quarter and first direct shipping ore shipments in the first half of 2027. The project sits between Tennant Creek and Mount Isa, with access to transport and water infrastructure.
The company plans three development phases: direct shipping ore, beneficiated phosphate ore by 2030, and downstream yellow phosphorus production for battery and electronics markets.
Avenira is a West Perth-based battery cathode and fertiliser project developer, holding 100% interests in the Wonarah Phosphate Project in the Northern Territory and the Jundee South Gold Project in Western Australia.
Write to JC Villarba at Mining.com.au
Images: Avenira
