Aust Mines to raise up to $10m
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Australian Mines has launched an underwritten share purchase plan, with the funds raised to advance its Sconi project.
Under the share purchase plan, Australian Mines is seeking to raise $5 million, with the ability to accept oversubscriptions of an additional $5 million.
The SPP will be underwritten to $5 million by Patersons Securities, which is acting as lead manager to the placement.
The shares will be issued at a 20 per cent discount to the five-day volume-weighted average price.
Australian Mines said the capital raised would advance its Sconi cobalt-nickel-scandium project in North Queensland.
Last month, the company was issued with two prices queries by the ASX in the space of a week.
Shares in Australian Mines closed trade down 15.4 per cent at 2.2 cents each.