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Audalia Resources seeks $1.5M from investors

Published: 18:40 23 Sep 2013 AEST

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Audalia Resources (ASX: ACP) will seek to raise $1.5 million through a placement of shares to sophisticated investors at $0.01 per share.

The directors noted the price per share is at a deep discount to the $0.039 closing price of Audalia shares on 20 September 2013 - but offered it was a challenging market for fundraisings in recent times.

Funds raised from the placement will be used to repay the short-term loan of $500,000 due for repayment on 20 November 2013, and to advance the metallurgical testwork at the Medcalf Project.

The Medcalf Project is a vanadium-titanium project located some 470 kilometres south east of Perth near Lake Johnson, Western Australia.

During the quarter, Audalia engaged Bureau Veritas Minerals Pty Ltd (formerly Amdel) to conduct a series of test works to determine the likely processing method and likely metallurgical recoveries for the project.

The results from the metallurgical test work are expected to be available during the September 2013 quarter.

During the June 2013 quarter, the board approved to upgrade the current Inferred Resource category to Indicated.

It will also be used to progress ongoing exploration activities at its Medcalf and Gascoyne Projects and for general working capital.


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