Auric Mining Ltd (ASX:AWJ) will boost its finances by more than $2.6 million following a strong response to the exercising of options that were due to expire on March 31, 2024.
There were 99% of the available options exercised at $0.15 each for a total of $2,624,067 with funds to be utilised to enhance the company’s gold development strategy encompassing the Jeffreys Find mining operations and the flagship Munda Gold Project from which ongoing exploration is returning impressive results.
Shareholders exercised a total of 12,993,780 options into fully paid ordinary shares with $1,949,067 to be received by Auric on Thursday, April 4, when the shares are allotted.
Shortfall notice
Auric has issued a shortfall notice to the underwriter KS Capital Pty Ltd for 4.5 million shortfall shares for a total of $675,000, pre-costs.
The underwriter must deliver the share applications and application money to the company by Tuesday, April 9, 2024, which is the shortfall settlement date.
Total funds to be received by Auric, pre costs, from the exercise of options is $2,624,067, which represents 99% of the total options available being exercised into shares.
READ: Auric Mining directors inject $97,000 into company after exercising all options
Auric directors have also demonstrated their confidence in the company by exercising all 645,839 director options for an injection of $96,875.85.