12/04/2013 - 14:55

Azure funded for drilling with $2.35m raising

12/04/2013 - 14:55

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Azure funded for drilling with $2.35m raising

Mexico-focused exploration firm Azure Minerals has secured $2.35 million from investors to finance drilling activities at its Cascada copper-gold-silver project .

Azure announced today it had received firm commitments for a placement priced at 4 cents per share, to raise the $2.35 million.

The company’s largest shareholder, Drake Private Investments, subscribed for $1 million worth of shares to become the cornerstone investor in the raising.

Managing director Anthony Rovira said the raising attracted strong demand and closed substantially oversubscribed.

“I am particularly pleased with Drake’s commitment and their strong and continued support,” Mr Rovira said in a statement.

“Funds raised fully capitalise Azure for planned drilling at Cascada as well as on-going exploration activities at Loreto and Panchita.”

Mr Rovira said logistical preparations for the drilling programs were in progress, with work to commence in around one month.

At close of trade today, Azure shares had shed 5.45 per cent, to finish at 5.2 cents. 

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