Over Subscribed Placement To Accelerate Exploration At Lithium Projects

Highlights

• Firm commitments received for a $2.65 million Placement
• Placement proceeds to accelerate exploration drilling programmes at the highly prospective Nevada Lithium and Nepean Nickel-Lithium Projects
• Funds will also be used to advance the companies Western Australian Nickel assets, and to test priority targets at the Arden Copper-Zinc-Rare Earth Elements (REE) Project
• Auroch to hold ~$4.65 million in cash post-Placement

Remaining proceeds from the Placement will be used to advance the 100% owned Saints and Leinster Nickel Projects located in WA and to test priority REE targets at the Arden Copper-Zinc-REE Project (90%) located in South Australia.

Proceeds from the Placement will also be used to fund the maiden drilling programme at the Company’s 80% owned Nevada Lithium Project located in Nevada, USA. The Company is currently planning for a maiden reverse circulation (RC) drilling programme with permitting under way and drilling to commence in Q1 2023. In addition, the Company is also looking to increase its land holding within the Tonopah region of Nevada and its exposure to potential lithium claystones.

Auroch Executive Chairman, Michael Edwards, commented:

“We are extremely pleased with the strong support from new and existing shareholders with the completion of this successful capital raising. Post completion, the Company will hold approximately

$4.65 million in cash, putting us in a strong position to further advance the Company’s lithium project in Nevada (80%), and to accelerate exploration at the Nepean Nickel Project (JV) (80%), following the recent discovery of high-grade spodumene mineralisation.”

Details of the Placement

The Placement will result in the issue of 55,208,334 New Shares at $0.048 per share and which will rank equally with existing Auroch Shares. The New Shares will be issued using the Company’s existing placement capacity under ASX Listing Rule 7.1. The Company expects to issue the New Shares under the Placement on or around 12 December 2022.

Canaccord Genuity (Australia) Limited acted as the Lead Manager to the Placement and in addition to standard Lead Manager fees, will receive 3,000,000 Broker Options which will be subject to approval at a general meeting of shareholders expected to be held in January 2023.

Click here for the full ASX Release

This article includes content from Auroch Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.