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    Astral Resources Funded Through to Final Investment Decision via AU$25 Million Placement

    Gabrielle De La Cruz
    Sep. 27, 2024 09:25AM PST

    The company said it will use the money to complete prefeasibility and definitive feasibility studies for its Mandilla gold project.

    AU$100 bills.
    RODWORKS / Shutterstock

    Astral Resources (ASX:AAR) is funded through to a final investment decision thanks to "firm commitments" to raise approximately AU$25 million via a placement of new company shares.

    The amount will be secured across two tranches, with Astral set to issue approximately 263 million new fully paid shares at AU$0.095 each. It has already raised AU$21 million via the first tranche.

    The second tranche is subject to shareholder approval, and is anticipated to bring in about AU$4 million.


    “Proceeds of the placement ensure that Astral is funded through to completion of the Mandilla PreFeasibility Study (PFS) and Definitive Feasibility Study (DFS),” Astral said in a Wednesday (September 25) press release.

    The company specified that the funds will be used along with its current cash reserves to conduct various study and technical work streams related to the PFS and DFS. The proceeds will also go toward exploration, infill drilling and ongoing resource estimate updates for Mandilla, as well as the Feysville project.

    “We are delighted with the strong support shown by both new and existing investors in the Placement,” said Astral Managing Director Marc Ducler in a statement from the company.

    “The calibre of new investors we were able to attract and the quantum of funds we were able to raise is testament to the quality of the Mandilla Gold Project as one of Australia’s best near-term gold development stories.”

    Both Mandilla and Feysville are located south of Kalgoorlie in Western Australia. Astral says that together the assets have consolidated resources of 1.38 million ounces of gold.

    Don’t forget to follow us @INN_Australia for real-time news updates!

    Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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    Gabrielle De La Cruz

    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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    Gabrielle De La Cruz
    Gabrielle De La Cruz

    Writer

    Gabbie graduated with a journalism degree from Colegio de San Juan de Letran - Manila and has produced articles on a variety of topics, such as infrastructure, business and technology. Her creative portfolio includes written work on architecture, art and design. Gabbie covers the Australian market for the Investing News Network, focusing on the mining sector.

    When not in front of her desk, she is out scanning through vinyl records, exploring the international coffee culture and fighting for queer rights.

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