Australia’s Astro Resources has entered into an agreement to raise $1 million through the issue of 125 million fully paid ordinary shares and 62,500,000 AROOB Options.
The Placement is to key institutional and sophisticated investors and will be made in two tranches:
Tranche A: An initial placement of 62,500,000 Shares to raise $500,000 to be issued within ten (10) business days under the Company’s remaining 15% capacity.
Tranche B: An additional placement of 62,500,000 Shares to raise a further $500,000 to be issued subject to shareholder approval at a General Meeting to be convened as soon as practically possible.
The funds are to be used to strategically advance exploration & acquisition opportunities and the development of existing projects and to supplement existing working capital.
In Western Australia, Astro holds ground along strike from the Ellendale Diamond Mine, which is held by Kimberley Diamond Company N.L. (UK listed GEM Diamonds acquired the Kimberley Diamond Company N.L. in December 2007).
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