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Aus Tin Mining raising $1.45 million to progress Mt Cobalt Project

The circa $1.5 million capital raising will assist in progressing the Mt Cobalt Project.
Picture of open cut mine
Mt Cobalt flies under the radar as tin producer raises capital to progress project

Aus Tin Mining Ltd (ASX:ANW) has entered into binding agreements with sophisticated and professional investors to raise $1.45 million via a private placement of shares at $0.01 each.

Aus Tin aims to become a major Australian tin producer, having recommenced production at the high grade Granville Tin Project in Tasmania.

The company intends to expand the project and undertake exploration to extend the life of mine. 

Management elect to convert fees to stock

As a show of support in the company’s projects, management elected to convert $300,000 in fees owed to them into the raising on the same terms as the third-party investors.

This leaves their interest closely aligned with those of fellow shareholders.

Funds used for working capital and furthering Mt Cobalt Project

Funds will be used to accelerate development and exploration at the company’s projects, in particular Mt Cobalt which is located near Gympie in Queensland.

The current drilling program will comprise circa 200 metres of diamond drilling targeting mineralisation below the historic Smiths Mine.  

The program is expected to provide information on the geological structure that is thought to control the higher grade cobalt‐nickel‐manganese mineralisation.  

Recent field mapping has indicated the shear zone may be more folded than first thought and could provide additional drilling targets along a 200-metre section of the overall 800-metre long target zone.

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