Aurumin Ltd (ASX:AUN) has repriced its non-renounceable entitlement offer to raise up to ~$3 million from $0.04 per share to $0.03 per share.
The offer is on the basis of one new share for every two shares held on 24 April 2023 (record date) and will include one free attaching quoted option exercisable at $0.06 each having an expiry date of 31 August 2024.
Aurumin’s entitlement offer is partially underwritten by GBA Capital Pty Ltd for up to $2.2 million which is an increase from the previously announced $1.24 million underwriting.
Central Sandstone and Mt Dimer exploration
Aurumin managing director Brad Valiukas said: “It is great to have the underwriting increased with the support of GBA Capital, RM Corporate Finance and new and existing shareholders.
“This underpins the majority of the previously announced capital raising and will enable Aurumin to now lock in the commencement of drilling as we continue to explore and expand our Central Sandstone and high-grade Mt Dimer Projects.
“The next drill programme at Sandstone will focus on near surface geochemical and structural targets, which are already identified on the mining leases.”
Strong gold targets at Sandstone
Earlier this year, Aurumin generated several strong gold targets along a 1.4-kilometre strike on the north-western margin of the greenstone belt at the 946,000-ounce Sandstone Operations in WA.
The company completed systemic ultrafine (UF) soil sampling across large areas of the Central Sandstone Project, which combined with structural and geophysical data has produced robust targets for further exploration.
Apart from the large target with a 1.4-kilometre strike, soil results also revealed coincident gold and arsenic anomalies northeast of Two Mile Hill, with similar geology hosted by a felsic intrusive structure.