Askari Metals Limited, the Australian based copper and gold exploration company has received an impressive response to its Prospectus offering.
Askari Metals has successfully closed the capital raising oversubscribed and is set to list the Company’s securities on the Australian Securities Exchange (ASX).
Askari Metals raised $5.75 million and issued 28.75 million ordinary shares at the issue price of $0.20 to achieve a market cap on listing of $8.55 million.
The capital raising follows two seed funding rounds totalling $320,000 in early 2021.
Why is Askari Metals attracting funding from investors?
Askari Metals owns five copper and gold projects located in the Lachlan Fold Belt of New South Wales, and in Western Australia in close proximity to large deposits and other mines.
Each Project has had previous exploration success through limited drilling programs which have identified high-grade copper and gold with significant exploration upside potential.
The Springdale Copper-Gold project in NSW, the Burracoppin Gold, Mt Maguire Gold, Horry Copper and Callawa Copper projects are all located in WA.
These projects are all located in stable, safe and mining friendly states, with supportive communities and constructive indigenous relations.
The Company’s main objectives is to immediately commence a drilling program and complete exploration activities including geophysical surveys and drilling at the Burracoppin Gold Project, the Horry Copper Project and the Mt Maguire Gold Project.
The Company will undertake exploration on the Springdale Copper-Gold Project and the Callawa Copper Project for reconnaissance exploration, drilling and geological mapping.
Askari Metals delighted with the prospectus offering
Mr Gino D’Anna, Askari Metals Executive Director said, “Askari Metals is delighted with the success of the capital raising and the imminent listing of the company on the ASX.”
“The launch brings opportunities for the company to continue its development, and to become one of the prominent Australian exploration companies in the copper and gold sector.”
“Askari has appointed a Board of Directors, management and technical team who possess experience operating in Western Australia and New South Wales, across exploration, mining and strategic transactions, with strong technical, legal, and financial management skills.”
“There is a clear exploration and development strategy for our projects, and we believe that the catalysts will drive confidence in our approach and deliver shareholder value.”
Peak Asset Management in Melbourne acted as Corporate Adviser and Lead Manager.