AuKing Mining Ltd (ASX:AKN) has announced a pro-rata non-renounceable entitlement offer to raise approximately A$1.48 million at an issue price of 0.7 cents per share to be directed towards advancing exploration efforts across its portfolio of projects.
Investors will also receive one unlisted attaching option, exercisable at 3 cents per share and expiring on April 30, 2027.
The capital raised will primarily support AuKing’s drilling programs, including:
- A planned drilling program at the Mkuju uranium project in southern Tanzania.
- A proposed radiometric survey over the Myoff Creek niobium and rare earth element (REE) project in British Columbia, Canada.
- A reverse circulation (RC) drilling program at Sandiego North, part of the Koongie Park copper-zinc project in Australia.
- An initial soil sampling program at the newly-acquired Great Codroy uranium project in Newfoundland, Canada.
Managing director Paul Williams sat down with Proactive this week to discuss the Great Codroy acquisition and how its other projects are tracking:
Project confidence
AuKing directors, Peter Tighe and Williams, have confirmed their commitment to subscribing for their pro-rata entitlements under the offer, displaying their confidence in their projects.
The issue price of 0.7 cents per share represents a 12.5% discount to the last closing price of $0.008 on September 2024 and a 31.4% discount to the 15-day volume-weighted average price of AuKing shares at the same date.