Aeon sets sight on $7.2 million capital raise

Aeon Metals has successfully secured commitments from sophisticated and professional investors via a two-tranche share placement to raise $7.2 million (placement), well-supported by new and existing shareholders, including participation by the company’s major shareholder, OCP Asia (OCP Group).

Aeon has an extensive exploration tenement portfolio in the world-class Mt Isa mineral province in North West Queensland, as well as the Rawbelle district in South East Queensland, which are  prospective for copper, cobalt, gold, lead, zinc, molybdenum and silver.

The flagship asset, and highest priority tenement, is the 100 per cent-owned Walford Creek Project, which is an advanced world-class copper-cobalt project and one of the highest grade significant cobalt deposits in Australia.

OCP Group has participated up to a holding of 45 per cent at the close of the placement and will participate in the Rights Offer up to a cap of $1.2 million. The issue of OCP’s shares under the placement will be conditional on shareholder approval at a general meeting to be held in mid-late June.

Aeon also announced a one for three non-renounceable entitlement offer to existing shareholders on the same terms as the placement (rights offer).

The proceeds from the placement are to be used for:

  • Supporting the two drill rigs mobilising to the Walford Creek Project
  • Associated drilling program at the Walford Creek Project
  • General working capital
  • Costs of the capital raise.

About Ray Chan

Editor of industrial titles and mastheads with Prime Creative Media. Publications include Rail Express and Australian Mining (web content).

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