Azure completes $8.2 million placement for Mexican projects

Oposura Image: Azure Minerals

Western Australia-based Azure Minerals has completed an $8.2 million share placement for development funding at its flagship Oposura zinc-lead project and Sara Alicia gold-cobalt project, both in Mexico.

Azure will issue 27.3 million ordinary shares at a price of 30 cents per share, with an additional option of 45 cents — to expire after two years — for every two shares subscribed.

Placement will be conducted in two tranches: 20.5 million shares worth around $6.15 million and 6.8 million shares worth around $2.05 million. The latter tranche is subject to shareholder approval at an April 2018 meeting.

Azure managing director Tony Rovira said he was pleased with the strong investor support shown for the projects.

“This heavily oversubscribed placement places Azure in a very strong position moving forward, as we work towards completing develpment studies at Oposura and fast-track exploration at the Sara Alicia gold and cobalt project,” he said.

Rovira also cited the increasing interest in zinc and cobalt, both of which have seen great gains over the last year as part of the tech metal boom.

“With both zinc and cobalt prices at decade highs,” continued Rovira, “we believe that the company is ideally places to accelerate both Oposura and Sara Alicia towards development.”

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