Aeon Metals Ltd. said Dec. 15 that it is aiming to raise about A$30 million through an institutional placement of 107.2 million common shares at 28 Australian cents apiece to new and existing investors.
Settlement of the placement is expected Dec. 20, and the proceeds are earmarked for the continued development of the company's Walford Creek copper project in Queensland, Australia. Aeon Metals CEO and Managing Director Hamish Collins said the funds will allow the company to undertake the largest drill program ever conducted at the project.
Aeon plans to use at least three drill rigs at Walford Creek in 2018 to complete 30,000 meters of drilling that will advance the project's known mineralization to development status and will test 22 kilometers of potential strike within the company's tenements. The proceeds will also be used to fund the project's bankable feasibility study work and pay down Aeon's vendor debt.