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Oversubscribed $8m capital raising completed
US focused uranium and lithium explorer, Aurora Energy Metals Limited (Aurora or the Company) (ASX:1AE) is pleased to announce the successful completion of its public offer to raise $8,000,000 via the issue of 40,000,000 Ordinary shares at $0.20 per share (Public Offer).
- Aurora Energy Metals shares commence trading at 11.00am AEST today on ASX under the code 1AE
- Company successfully raised $8m in its IPO, at an indicative market cap of $28m
- The Company holds 100% of the Aurora Energy Metals Project in south-eastern Oregon, USA
- Project has a defined uranium resource and known lithium mineralisation
- Project located in the McDermitt Caldera, home to the USA’s two largest lithium deposits
Proceeds from the Public Offer will be used to fund exploration and development activities on the Company’s Aurora Energy Metals Project in south-eastern Oregon, USA. The program is aimed at growing the basement uranium mineral resource and progressing studies whilst also defining lithium mineral resources in the lakebed sediments surrounding and overlying the uranium resource.
The Company will commence trading today on the Australian Securities Exchange (ASX) at 11:00am AEST under the ticker 1AE.
Euroz Hartleys was Lead Manager to the capital raising.
Aurora’s Managing Director, Greg Cochran, commented:
“We are excited by the strong response that we had to the capital raising from both retail and institutional investors. We could not be happier with the performance of Euroz Hartleys in the process and the quality of the investors they introduced to the register.
“The Aurora Energy Metals Project offers investors two bites at the clean energy pie. We will look to grow the well-defined, shallow uranium resource hosted in the basement and conduct techno-economic studies, whilst following up the significant lakebed sediment-hosted lithium mineralisation that surrounds and overlies it.
“The McDermitt Caldera, which hosts our Aurora Energy Metals Project, is one of the most prospective lithium provinces in the USA. It is home to the two largest lithium resources in the USA and neighbouring peer companies have clearly demonstrated the region’s potential . We are looking forward to undertaking our planned work programs and keeping our shareholders updated on our progress.”