AURUMIN SECURES FUNDING BOOST FOR SANDSTONE GOLD PROJECT

Investor Confidence High with $2.5M Capital Injection

Aurumin Limited (ASX:AUN) has successfully secured $2.5 million in funding through a strongly supported placement, setting the stage for an aggressive exploration program at their Sandstone Gold Project.

Key Highlights from the Placement:

  • Approximately 78 million shares were issued at a price of $0.032 per share in the recent Placement, which saw an overwhelming interest, leading to oversubscription and scaling back of bids.
  • Major shareholders and directors, showing their confidence in the company, contributed significantly with firm commitments totaling $396,000, pending shareholder approval.
  • Collin St Asset Management and associated entities also displayed strong support with a $700,000 commitment.
  • Peak Asset Management, a boutique firm from Melbourne, played a pivotal role as Lead Manager for the Placement.

Forward-Looking Exploration Plans:

  • With the company now free from debt and fully funded for the 2024 exploration calendar, Aurumin is in a solid position to advance its exploration endeavors.
  • Drilling is scheduled to begin at the flagship Sandstone Gold Project during April, focusing on the existing targets within the mining leases.

Comments from the Managing Director:

Brad Valiukas, the Managing Director of Aurumin, expressed gratitude towards stakeholders for their support and highlighted the company’s improved financial health:

We are very pleased to have cleared the remaining balance of the Convertible Note and thank Collins St, existing shareholders, and directors for their support of the Placement. Aurumin is now debt-free with a strong cash position, having transformed the balance sheet, and we are unlocking potential for growth.

We look forward to getting out and drilling at our flagship 946koz Sandstone Gold Operations ASAP. Following recent divestments, Aurumin is strongly focused on the Sandstone Project and will look to generate the critical mass required for future production starting with open pits.

The capital boost is a significant milestone for Aurumin, catalysing the company’s aim to elevate the Sandstone Gold Project and reinforce its commitment to establishing a robust foundation for potential future production.

Read the full announcement

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