AKORA Resources Limited (ASX:AKO), an Australian resources company focused on the development of four high-grade iron ore projects in Madagascar, has announced a capital raising initiative targeting up to $2.91 million before costs. The funds will be raised through a placement of fully paid ordinary shares to new institutional and sophisticated investors, and a pro-rata non-renounceable entitlement offer to eligible shareholders.
The placement aims to raise approximately $0.83 million through the issue of new shares at $0.085 per share. Concurrently, the entitlement offer will allow eligible shareholders to subscribe for 1 new share for every 6 existing shares held, at the same offer price of $0.085 per share, potentially raising an additional $2.08 million. MST Financial Services Pty Ltd and Sanlam Private Wealth Pty Ltd are acting as joint lead managers for the equity raising.
The raised capital is earmarked for key development works at the Bekisopa Project. This includes progressing the Memorandum of Understanding with the Madagascar government, commencing the Feasibility Study, continuing the Environmental Impact Assessment, and advancing permitting and licensing activities towards obtaining a Mining Licence. Funds will also support the ongoing strategic investor process, community engagement, tenement maintenance, and general working capital requirements.
According to AKORA’s Managing Director & CEO, Peter Bird, the capital raising strategically positions the company to deliver meaningful news flow over the next six months. The company remains focused on unlocking the full potential of the Bekisopa Project and delivering long-term value for all shareholders. The entitlement offer opens on 15 August 2025 and is scheduled to close at 5.00pm Melbourne time on 1 September 2025.
