Azure raises over $1m for Mexico project

Azure Minerals Ltd has boosted its cash reserves following a $1.2 million capital raising that will welcome a new institutional shareholder to the registry.

The company said it had reached agreement to raise the funds with major shareholder Yandal Investments Pty Ltd, a North American institutional investor and a new investor Investec Bank (Australia) Ltd.

A total of 9.6 million shares will be placed with the investors at a price of 12.5 cents each, the same price as the previous raising where a share purchase plan generated $1.34 million.

Funds from both capital raisings will be used to continue the company's development of the Promontorio copper-gold-silver project in Mexico.

Executive chairman Tony Rovira said it was very encouraging to enjoy the support of the company's existing shareholders as well as attracting new investors in raising over $2.5 million in these difficult times.

"Promontorio is continuing to deliver excellent results, and these funds will enable us to progress the project through to the feasibility study stage. We expect that the next few months will continue to deliver positive news on our Company's progress," Mr Rovira said.