ANGLO Australian (ASX: AAR) has kicked off 2020 with a bang, finalising a capital raising of $550,000, resuming works at the Mandilla gold project and restructuring the management team in order to review and evaluate all its projects.
The $550,000 capital raising was completed through the placement of about 5.3m shares at 10.5c per share.
At 10.5c, the issue price represented a premium of 12.9pc to the last price the shares were traded at, prior to the company entering a trading halt on January 8.
The company issued the maximum number of shares that it could within the existing placement capacity, and said that the proceeds of the share placement would be used to kickstart work programs at the Mandilla project, and for general working capital.
With the money raised, and under the stewardship of a new management team, work will resume at the Mandilla gold project near Kalgoorlie, WA.
The company will commence a detailed technical review of all drilling completed to date and a detailed geological and structural review of the project in order to optimise its exploration approach.
And the appointment of Brendon Morton as chief financial officer and company secretary has also been finalised, as Graeme Smith steps down as company secretary.
Anglo Australian managing director, Marc Dulcer, said that with the installation of a new management team, the company would be well-resourced to resume work at Mandilla, and continue the evaluation of its other projects.
“This marks the start of an exciting new chapter for the Company, and we are looking forward to unlocking the value of this highly prospective and strategically located gold asset for our shareholders,” he said.
“Mandilla represents an exciting opportunity for Anglo Australian shareholders, with high grades and wide intersections that are close to surface and ideally located in the Kalgoorlie/Kambalda region of WA.”
