Auroch pockets $8m

Subiaco-based Auroch Minerals is set to spend funds raised from high-net worth investors to fund base-metal exploration campaigns across Western and South Australia. 

The junior offered sophisticated and institutional investors company shares at 16 cents apiece under the placement, marking a 15.8 per cent discount on its October 25 last trading price.

Once settled, a total of 50,000,000 fully-paid ordinary Auroch shares will be added to its register.

Proceeds from the raise will fund what Auroch says will be aggressive exploration campaigns targeting nickel-sulphide in Western Australia and zinc and copper in South Australia.

This includes diamond drilling at its majority owned Nepean nickel project, situated some 60 kilometers south west of Kalgoorlie and at the Ragless Range zinc target within its Arden project in South Australia.

Auroch managing director Aidan Platel said the oversubscribed placement was a testament to the company’s assets.

“We’d like to thank our existing shareholders for their support and we welcome new shareholders to the Company’s share register,” he said in a statement.

Morgans Corporate was lead manager to the placement.

Auroch shares closed the day down 10.53 per cent to trade at 17 cents.