- Australian Mines (AUZ) has received firm commitments to undertake a $5.2 million placement
- To raise the funds, approximately 290.1M new shares will issued to institutional, sophisticated and professional investors at 1.8 cents each
- Australian Mines will use the money to advance its Sconi Cobalt-Nickel-Scandium Project in Queensland and for general working capital
- As a result, once it fully developed Sconi estimated to become one of the most competitive cobalt-nickel operations in the world
- Settlement of the shares expected to occur on September 1 and quotation expected on September 2
- Australian Mines is steady in early morning trade, with shares currently trading for 2.2 cents each
