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Auteco Minerals undertaking A$30.4 million placement to support fast-track growth of Pickle Crow Gold Project

The placement will support an accelerated drilling program at the Canadian project which hosts 830,000 ounces at 11.6 g/t gold.

AuTECO Minerals Ltd - Auteco Minerals to undertake fully underwritten placement raising up to $30.4 million
New shares issued under the placement will rank equally with existing fully paid ordinary shares of Auteco

Auteco Minerals Ltd (ASX:AUT) is undertaking a fully underwritten placement at an issue price of $0.135 per share to raise around A$30.4 million 

Proceeds will be used to accelerate the exploration program at the company's flagship Pickle Crow Gold Project in Ontario, Canada.

The placement price represents a 10% discount to the last close price on Friday, July 3, of  $A0.15.

Auteco has already started its maiden drilling program with nine holes drilled and a second drilling rig scheduled to arrive at site imminently.

Chairman Ray Shorrocks said: “Proceeds of the placement will strengthen the company’s balance sheet and will allow Auteco to accelerate the drilling program at Pickle Crow, focusing on numerous high-grade targets that have been identified ready for drilling.

“Our current drilling program will be the first systematic exploration program at Pickle Crow in 50 years and we are very excited by its immense potential.”

Placement details

The company will issue around 225 million new shares, representing 16.8% of the company’s existing issued capital and new shares issued will rank equally with existing fully paid ordinary shares.

Canaccord Genuity (Australia) Limited are acting as sole lead manager and underwriter to the placement.

The underwriting agreement is subject to industry-standard termination events.

Settlement of the placement will take place on or about Monday, July 13, with allotment of new shares to take place on or about Tuesday, July 14.

Quick facts: AuTECO Minerals Ltd

Price: 0.19 AUD

ASX:AUT
Market: ASX
Market Cap: $255.01 m
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Auteco Minerals hails maiden JORC resource for its Pickle Crow gold project...

Auteco Minerals Ltd's (ASX:AUT) Ray Shorrocks speaks to Proactive after announcing a maiden JORC resource of 830,000 ounces at 11.6 g/t for the Pickle Crow Gold Project in Ontario, Canada. He says mineralisation at the project, which is in a world-class gold mining province, is open in every...

on 29/6/20

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