Lets not forget the $4m Placement at 30c was heavily oversubscribed with bids of ~A$6.7m received , clearly support from investors for AUL and longer term prospects.
Use of Funds: Funds raised from the Placement will be used for: Transaction costs associated with the White Rock Minerals (WRM) Scheme of Arrangement; In-mine exploration drilling to ensure a robust minable inventory; Regional exploration; Surface Infrastructure; The costs of the Placement; and for Working capital and general corporate purposes.
Key benefits to White Rock shareholders • White Rock shareholders will gain exposure to the significant exploration potential and interest that currents exists in the Victorian goldfields area. • The significant exploration potential of the Victorian land package offers a counter-cyclical and news flow opportunity to its highly prospective but northern hemisphere Alaskan project at Red Mountain. • White Rock will join the league of Australian gold producers, the goal for many a small Junior exploration company. • The merged group will have a larger and more diverse asset portfolio, covering two first world jurisdictions (the USA and Australia), and gold, silver and zinc, all with JORC Resources. • The merged group is expected to have enhanced access to new investment and other opportunities through its increased size, stronger financial capability and diversified share holder base.
AUL Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held