The placement is the first part of a two-part capital raising.
http://www.*.com.au/thumbs/upload/News/Image/2017_03/757z468_australian-dollar757.jpg Axiom's 1:10 rights issue opens today Axiom Mining (ASX:AVQ) has raised $1.5 million after successfully completing the placement component of its capital raising.
Sophisticated and professional investors were issued 9.375 million shares priced at $0.16 and 4.68 million attaching options exercisable at $0.40, expiring 14 December, 2018.
The placement is the first part of a two-part capital raising of up to $6.9 million, with the funds to be used to push the Isabel Nickel Project in the Solomon Islands towards production.
A 1:10 non-renounceable rights issue also priced at $0.16 opens today.
Participants in the rights issue will receive free 7:4 attaching options exercisable at $0.40 and expiring 14 December 2018.
The rights issue will close 16 March, 2017.
Axiom also intends to make a 1:8 loyalty bonus option issue to shareholders with 125,000 or more shares as at the 7PM (ADST) on 30 March 2017.
Proceeds from the capital raising will provide Axiom with further funding for the development of the Isabel Nickel Project and supplement general working capital.
The company is looking to the commencement of mining in 2017, subject to licencing.
Recent drilling update
The Phase 1 drilling program at San Jorge is now complete with assay results of 144 holes received to date.
The San Jorge tenement comprises 50% of the Isabel Nickel Project, which is considered one of the largest nickel-laterite deposits in the Pacific region.
Axiom owns 80% of the 36 square kilometre San Jorge tenement with landowning tribes.
Phase 1 of the drilling program was designed to establish an initial area for mining, satisfy criteria for the submission of a mining lease application and produce an initial JORC resource.
Phase 2 of the resource and exploration drilling program is planned to commence in tandem with start-up mining activities upon grant of the mining lease.
AVQ Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held
