Aureka Limited (ASX:AKA) Announces $3 Million Share Placement
Share Placement
Aureka Limited (ASX:AKA) has secured $3 million through a share placement priced at $0.13 per share, aligning with recent trading prices. A total of 23,076,923 ordinary shares were placed to wholesale investors, including institutional funds and strategic high-net worth or family offices. The placement price represents a 5% premium to the 15-day VWAP and is expected to conclude around 13 June 2025 alongside a cleansing prospectus.
Operational Achievements
Momentum remains strong with a 19% increase in global JORC Resources following the Maiden JORC Resource at the St Arnaud Project. The company appointed Jozef Story, a world-class exploration manager from Barrick Gold, and made a west flank discovery at the Irvine Project. The placement funds will support permanent land access and accelerated exploration drilling with two diamond drill rigs now operating.
Use of Funds
The $3 million raised will be utilised for recent land purchases around the Irvine Project within the Stawell Corridor, accelerated drilling at Irvine and St Arnaud projects, and working capital.
Executive Comments
Managing Director James Gurry stated, “Such a strong equity placement at this end of the market is unusual and recognises the significant support the Company enjoys and the long-term upside in the project portfolio. It serves as an endorsement of the Company’s strategy to ramp up drilling via the two rigs currently operating and to undertake long term derisking activities such as permanent land access. I would personally like to thank our new investors and long-term supporters as they share in our vision to create lasting value from our portfolio of advanced stage gold exploration projects in Victoria.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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