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BlueSkies1711

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30/06/21

11:15

Post #: 54169735
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Originally posted by Whiddon3: ↑

AVZ Minerals seeks $35m to increase stake in project
Sarah Thompson, Anthony Macdonald and Yolanda Redrup
Jun 30, 2021 – 10.36am
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ASX-listed African mining play AVZ Minerals is in the market with a $35 million equity raising, with proceeds to increase its share of the Manono Lithium and Tin Project in the Democratic Republic of Congo.
The company’s shares went into a trading halt on Wednesday morning as its broker, Curran & Co, started lining up support.

Street Talk. Louise Kennerley
The raising was split into a $30 million non-underwritten placement to institutional and sophisticated investors and a share purchase plan to raise up to another $5 million from existing shareholders.
New shares were offered at 13¢ each, according to terms sent to potential investors.
The stock last traded at 16¢.

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The bulk of the proceeds would be used to increase AVZ’s stake in the Manono project to 75 per cent, from 60 per cent, and to complete the Manono camp.
The company had a $465 million market capitalisation prior to Wednesday’s raising.
The raising comes as AVZ seeks to start mining at Manono. The group recently submitted an application for a mining licence, and has plans for a 20-plus year mine at a throughput of 4.5 million tonnes a year.

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New shares were offered at 13¢ each, according to terms sent to potential investors.

13c very ordinary offer for an extraordinary asset

starting to think twice
I'm feeling robbed twice over
1. 7 week capper 15c 16c
2. capper after OTs 18.5c to 22c 3mths worth
3. now this 13c CR $35 million gag & gasp

where's this Rabbit in the Hat from the brissy preso?
doubt it will be anything extraordinary and raise the SP

AVZ Price at posting: 16.0¢ Sentiment: Buy Disclosure: Held
15 Upvote

0 Great analysis

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