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First Au (ASX:FAU) raises AU$187,500 through SPP to fuel exploration plans

Highlights 

  • First Au Limited has raised AU$187,500 under the Share Purchase Plan.
  • The resource exploration company expected to raise AU$450,000 (before costs) by the placement of 37,500,000 fully paid ordinary shares.
  • The miner had also floated a New Option offer of up to ~18,750,000 options, attached with an exercise price of AU$0.02.

Australia-based advanced gold and base metal explorer First Au Limited (ASX:FAU, OTCQB: FRSAF) has provided an update related to the results of the share purchase plan (SPP).

In the significant announcement, the Western Australia and Victoria-focused company stated that it had received subscriptions for 15,625,009 shares at AU$0.012 per SPP Share to raise a total of AU$187,500 under the Share Purchase Plan, which closed on 29 November 2021.

Also Read: First AU (ASX:FAU) secures AU$1.84M funding to unlock true potential of Victorian and Mabel Creek Projects

Share Purchase Plan (SPP) and New Option Offer

The resource exploration company expected to place 37,500,000 fully paid ordinary shares at an issue price of AU$0.012 per Placement Share. The SPP Shares parcels that were available under the Offer were as follows:

Apart from the SPP, the miner had also floated a New Option offer for up to ~18,750,000 options, attached with an exercise price of AU$0.02 and the expiry date of 1 July 2023. Adding to this, the gold and base metal miner also issued one free attaching option for every two subscribed shares.

Also Read: First Au Limited (ASX:FAU) secures $1.28 Mn funding, to raise another $2.45 Mn via options issue

The number of new options that were allowed to be issued with each SPP share parcel was as follows:

New options to be issued in respect of each parcel of SPP share

Utilisation of funds

The funds raised by the First Au are expected to accelerate exploration activities at primary project locations of the company, including Victoria, Mabel Creek, and East Gippsland projects.

The miner plans to use the funds under the following categories:

  • To boost the exploration program and diamond drilling at the Earnestine prospect to target historical high-grade workings.
  • To undertake Dogwood’s diamond drilling program.
  • To conduct an initial exploration program to assess the IOGC potential at Mabel Creek.
  • For general working requirements, including the Placement offer and SPP.

Must Read: First Au Limited (ASX:FAU) kicks off trading on OTCQB Market

Shares of FAU last traded at AU$0.010 per share as of 3 December 2021.

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