Azimuth raising to fund Guyana gold

Azimuth Resources has launched plans to raise $9.5 million through a placement and share purchase plan, to progress work programs at its Guyana gold exploration projects.

The placement, to institutional and sophisticated investors, will raise $8 million at $0.19 per share, while the purchase plan will raise $1.5 million on the same terms, Azimuth said.

The placement was managed by Blackswan Equities.

Azimuth said it would use the funds to "significantly progress" its gold exploration projects in Guyana.

"The share purchase plan will allow all existing Australian and New Zealand shareholders to subscribe for up to $10,000 worth of new shares at $0.19 per share, a discount of approximately 8.35 per cent to the five-day volume-weighted average price, free of brokerage or other transaction costs," Azimuth said in a statement.