$2 Million Share Issues to Pybar Mining Services
Sydney, Sep 22, 2014 AEST (ABN Newswire) - Aurelia Metals Limited (
ASX:AMI) ("AMI" or the "Company") is pleased to advise that it has reached agreement with its underground mining contractor, Pybar Mining Services ("Pybar"), whereby the Company will issue to Pybar $2 million worth of ordinary AMI shares as part payment for mining services rendered to the Company during months of strong over-performance of the Hera underground development in July & August.
AMI will issue to Pybar, or their nominee, 5,590,027 Ordinary Fully Paid shares at an average price of 35.78 cents per share being the AMI July/ August VWAP.
AMI is pleased to have the continuing support of Pybar in the development of Hera.
In addition, the Company and Pacific Road Capital ('Pacific Road') have agreed an amendment to the Share Subscription Agreement ('SSA') announced to the ASX on 6th December 2013, which will see Pacific Road subscribe to $3.2 million, on the terms summarised below.
- 2,778,050 shares at $0.2434 to raise $676,177 being the remaining Phase 1 shares under the SSA and;
- 7,126,950 shares at $0.3578 to raise $2,552,032 being shares issued under Phase 2 of the amended SSA.
Funds raised from the Pacific Road issue will be directed towards ongoing exploration and general working capital.
The share issues to each of Pybar and Pacific Road will be made under the Company's placement capacity pursuant to ASX Listing Rule 7.1.
AMI thanks Pacific Road for their support of the Company.
About Aurelia Metals Ltd
Aurelia Metals Limited (ASX:AMI) is focused on the development and exploration of the high grade Hera-Nymagee Project in the Cobar district of NSW.
Aurelia is actively drilling the evolving copper deposit at Nymagee with the potential that the Nymagee mineralisation may evolve into another 'Cobar Giant' similar to the world class CSA copper deposit located approximately 100km north-west along strike.
Aurelia also remains active in the exploration for copper, gold and tin on a number of tenements in the Lachlan Fold Belt of NSW.
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