To purchase this space contact Gordon

Junior minerals explorer Auteco Minerals is hoping to raise A$30.4-million through a fully underwritten share placement.

The ASX-listed company on Monday announced that it would issue 225-million new shares, representing some 16.8% of the company’s existing issued capital, at a price of 13.5c each.

 The new shares will be placed under the company’s existing placement capacity, with the offer price representing a 10% discount to Auteco’s last closing price on July 3.

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

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

Auteco recently announced a maiden Joint Ore Reserves Committee-compliant resource of 830 000 oz gold at the Pickle Crow project, in Ontario. A second resource update is expected later this year.