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Highlights
- Enuo Resources to invest AU$0.75 million via a share placement at AU$0.13 per share.
- Investment will fund exploration and new project opportunities for A8G.
- A8G shares rose by over 5% on 8 January 2025 following the announcement.
Australasian Metals Limited (ASX:A8G) has secured a firm commitment from Enuo Resources Pte. Ltd. for a share placement valued at AU$0.75 million, priced at AU$0.13 per share. Following this announcement, A8G’s share price rose by approximately 5.33%, trading at AU$0.079 at the time of writing on 8 January 2025.
Under the placement, the company will issue 5,769,231 new fully paid ordinary shares within its existing LR 7.1 and 7.1A capacities.
Enuo Resources, based in Singapore, specialises in developing and exploiting critical minerals and rare metals. It is focused on developing high-quality critical mineral resources globally, aiming to expand its reach beyond Asia by completing the downstream industrial chain. Its investment strategy targets high-quality resource projects in Australia, North America, and South America, with the goal of supplying premium raw materials for global technological innovation and applications.
The placement will provide Australasian Metals with funding to advance its exploration activities and identify new project opportunities.
Australasian’s Managing Director, Dr. Qingtao Zeng, expressed enthusiasm over the partnership, stating, “We are delighted to have secured the cornerstone investment by Enuo Resources at a substantial premium to the Company’s current share price. This outcome is a testament to the potential of Australasian’s existing project opportunities and to the experience and network of the Company’s board and management team. We welcome Enuo to the Company’s register and look forward to working closely with them to drive shareholder value.”
