Aruma Resources Limited (ASX: AAJ) has announced it has received firm commitments for a placement to raise $3.515 million before costs. Aruma Resources is a minerals exploration company focused on the exploration and development of a portfolio of prospective projects in high-demand commodities, including copper and uranium, in South Australia and Queensland. The placement, priced at $0.009 per share with one free attaching option for every two shares issued, attracted strong support from sophisticated and professional investors, including $115,000 director participation. Oakley Capital Partners acted as sole lead manager to the placement.
The funds raised will be allocated to targeted exploration programs across Aruma’s core projects. This includes exploration to define targets for follow-up drilling at the Fiery Creek Copper Project in Queensland, in-fill sampling programs at the Tunnel Creek area within the Saltwater Project in the Pilbara region of Western Australia, and a heavy mineral sands-focused sampling program at the Wilan Project in South Australia. Additionally, funds will support systematic fieldwork at the Bortala Copper Project in the Mt Isa region and the assessment of new project opportunities.
The placement consists of the issue of up to 390,555,556 ordinary fully paid shares, to be completed in two tranches. The first tranche of 81,900,350 shares will be completed under the Company’s Listing Rule 7.1 and 7.1A capacity. The second tranche of 308,655,206 shares (and all attaching options) will be subject to shareholder approval at an upcoming General Meeting. Directors James Moses and Brett Smith are participating in the placement, subscribing for a total of 12,777,778 shares, subject to shareholder approval.
Aruma Resources also intends to offer a bonus option entitlement issue to existing shareholders as a reward for their continued support. Full details of this proposed bonus option issue will be announced to the market in due course. The company anticipates that these exploration programs will support strong, ongoing news flow.
