Aura Energy Limited Completion of A$3.7 Million Capital Raising (3666J)
29 March 2018 - 6:01PM
UK Regulatory
TIDMAURA
RNS Number : 3666J
Aura Energy Limited
29 March 2018
AURA ENERGY LIMITED
("Aura" or the "Company")
AURA COMPLETES (heavily over-subscribed) a$3.7 MILLION CAPITAL
RAISING TO FAST-TRACK VANADIUM PROJECT
VANADIUM PROGRAM TO utilise MAJORITY OF PROCEEDS
NEW DEVELOPMENT FOCUS ON BATTERY METAL PORTFOLIO
Aura (ASX: AEE/AIM: AURA) is pleased to advise that it has
closed a private placement to sophisticated investors in Australia
and the United Kingdom and raised A$3.7 million before costs. The
capital raising, more than twice over-subscribed, was led by
Melbourne boutique, Peak Asset Management Pty Ltd.
The placement was made to existing shareholders, including
Aura's long-term strategic shareholders in London, small-cap funds,
institutions and clients of Peak Asset Management.
Aura's Häggån project in Sweden contains globally significant
quantities of vanadium and has the potential to be one of the
world's largest sources of vanadium production.
Commenting on the equity raising, Peter Reeve, Aura Energy's
Executive Chairman, said "Aura has an excellent portfolio of
projects and metals and vanadium's recent dramatic price rise has
presented an extraordinary opportunity for Aura to recommence the
push to develop the Häggån Battery Metal Project in Sweden".
"The capital from this raising will be carefully deployed to
advance Aura's current technical programs with particular emphasis
on test work and flowsheet development for the vanadium element of
the Häggån Battery Metal Project and the Häggån IPO. Once again
Aura's key shareholders have remained very supportive of the
company's long-term plans and, along with clients of Peak Asset
Management, contributed strongly to this raising. We thank them for
their effort," Mr Reeve continued.
Aura Energy will now recommence technical and study work on the
Häggån Battery Metal Project and undertake a Vanadium Concept Study
into the production of high purity Vanadium Pentoxide (V2O5) at the
Häggån Battery Metal Project.
It will also progress, with urgency, its separate listing of the
Häggån Project as an international IPO. Peak Asset Management will
continue to assist Aura with that IPO.
The terms of the placement are:
-- 1 fully paid ordinary share at 1.9 Australian cents per share
-- 1 option for every 2 shares subscribed under the private placement
-- Options are unlisted and exercisable at 3.3 cents, expiring September 2019
The Company will issue 194,736,842 fully paid ordinary shares
and will grant 97,368,421 options granted over ordinary shares
under the private placement.
The total number of ordinary shares on issue following the issue
of the above shares will be 1,057,101,321 ordinary shares may be
used by Shareholders, from the appropriate time, as the denominator
for the calculations by which they will determine whether they are
required to notify their interest in, or a change to their interest
in, the share capital of the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules. As
disclosed above, the Company holds no Ordinary Shares in
treasury
There are no shares held in treasury.
The Company has capacity to issue without shareholder approval
approximately 60% of shares (A$2.14 million) as Tranche 1 under ASX
Listing Rule 7.1 (the Company has capacity of 34,523,929 shares
under this rule) and 7.1A (the Company has capacity of 79,973,589
shares under this rule). These will be issued immediately and the
residual, approximately A$1.5 million and the options over ordinary
shares will be subject to shareholder approval and issued at a
later date as Tranche 2.
Application will made to admit the shares issued from the
private placement on both the ASX and AIM. The shares will be
allotted on 5 April 2018 and the shares will rate pari passu in all
respects with the company's existing shares on issue.
Admission of the new shares on AIM is expected to commence on or
around 12 April 2018.
For more information please visit www.auraenergy.com.au or
contact the following:
Aura Energy Limited Telephone: +61 (3) 9516
Peter Reeve (Executive 6500
Chairman) info@auraenergy.com.au
WH Ireland Limited Telephone: +44 (0) 207
Adrian Hadden 220 1666
James Sinclair-Ford
Yellow Jersey PR Limited Telephone:
Charles Goodwin +44 (0) 7748 843 871
Joe Burgess +44 (0) 7769 325 254
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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