Ashburton raises $3.5m

ASHBURTON Minerals has closed its prospectus fully oversubscribed, having raised $3.5 million.

Under the prospectus the company sought to raise $3 million by offering 25 million shares at 12 cents each.

A minimum subscription of $2.5 million was required, with the ability to accept oversubscriptions up to $3.5 million.

The issue was not underwritten, however, the company reports strong support from Datatech Financial Services, ABN Amro Morgans Adelaide and Dalkeith Corporate.

With the fundraising complete a technical evaluation of the Wirralie data has commenced with specific initial focus on the oxide resource database, which will be recalculated and remodelled over the next two months as part of a mining implementation study.


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