Argonaut acted as Joint Lead Manager to successfully raise $20.0 million for Australian Mines Limited (ASX:AUX) (“Australian Mines”) via a placement to institutional and professional investors.
The placement was heavily oversubscribed with significant demand generated from new domestic and international institutional investors.
Australian Mines commented that “the willingness for these global funds to invest in Australian Mines is seen by the Company as a strong endorsement of the quality of its projects, the development strategy being pursued of these assets, and the strength of the Company’s management team”.
This placement ensures Australian Mines can conduct trial mining, sample production and a Bankable Feasibility Study on its Sconi Project, as well as accelerate resource expansion drilling at its Flemington Project in New South Wales. The Company’s flagship Sconi Project is the most advanced towards production, with all relevant mining and environmental licenses in place, and is located in the historic and well supported mining centre of Greenvale in Queensland.
Argonaut is delighted to have supported another emerging “new age minerals” company to move towards production, and looks forward to providing ongoing assistance to Australian Mines.
Additional information regarding Australian Mines can be found on the company’s website at www.australianmines.com.au.