Aurora raises $16m for manganese project

Belmont-based Aurora Minerals has raised $15.5 million through a share placement, with funds to be applied to its Capricorn South East manganese project in the south of the Pilbara region.

The company said it had received applications from a range of Australian and international institutional funds for the issue of 17.2 million new shares at 90 cents each.

Shares in Aurora closed down nine cents to $1.05 today.

The capital raising boosts Aurora's cash position to about $20 million, which will be directed towards a drilling and beneficiation program that targets the most prospective areas within the Capricorn project.

"Aurora now has sufficient funds to meet its exploration plans to focus where shareholders get maximum upside - on exploration - as opposed to regularly having to seek out new capital," the company said.

"The Capricorn SE Project is our most advanced project and continues to expand and dominate the Company's focus. Aurora will also now be in a better position to assess other projects in its portfolio."