News: Azimuth launches $6M capital raising

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Azimuth Resources Limited (ASX:AZH) has launched a capital raising of up to $6 million to institutional investors. 

 

The raising will be undertaken through the issue of up to 17.1 million shares at $0.35 per share.

 

The gold and uranium explorer says the placement represents about 4.3 per cent of the existing share capital.

 

The funds will be used to continue the company’s resource expansion and prospect drilling at its West Omai gold project in South America. 

 

In the first half of its 2012 financial year Azimuth generated a net loss of $1.3 million.