First Au Limited (ASX:FAU) secures AU$900,000 in funding commitments

• First Au has secured commitments worth AU$900,000 (before costs) from an equity placement of 112,500,000 fully paid ordinary shares.
• Under the equity placement, two shares along with a free-attaching unlisted option was offered to the eligible shareholders.
• The issue price of AU$0.008 represents a discount of 23% against the 15-trading day VWAP prior to the announcement made by the company today.

Advanced gold and base metals exploration company First Au Limited (ASX:FAU) has announced receiving firm commitments to raise AU$900,000 via an equity placement.

The placement will offer 112,500,000 fully paid ordinary shares at an issue price of AU$0.008 for every placement share. Also, eligible shareholders will be offered one free-attaching unlisted option for every two placement shares. Attached options could be exercised at a price of AU$0.013 with an expiry date of 31 December 2023.

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The proceeds of the equity placement will be channelized towards –

• Exploration at Haunted Stream at the Victoria project that includes the UG drilling program
• LIDAR survey at other Victorian tenements
• Structural mapping of Victorian tenements
• Progressing on Gimlet Gold project in Western Australia
• Working capital requirements (including Placement costs)

Peak Asset Management is acting as corporate advisor and lead manager of the placement. The placement shares will be issued as per the available placement capacity of First Au under a combination of Listing Rules 7.1 and 7.1A. The issue price of AU$0.008 represents a discount of 23% against the 15-trading day VWAP prior to the announcement made by the company today.

Under the available placement capacity as per the Listing Rule 7.1, the free attaching Placement Options will be issued. The company has released an Appendix 3B for the issuance of the securities as per the Placement. The details of the fees payable to Peak Asset Management have been included in the Appendix 3B.

Peak Asset Management or its nominees will be paid over 15,000,000 unlisted options as fees for its role as the corporate advisor and lead manager.

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