Mining company Aeon Metals (ASX:AML) has raised $30 million in an institutional placement to fund its Walford Creek project.
The offer was supported by new and existing investors, with more than 100 million new shares issued at a price of $0.28.
The proceeds from the institutional placement will be used to expand the miner’s drill program for Walford Creek next year. Funds will also be used for its bankable feasibility study and to strengthen its balance sheet.
The Walford Creek project is one of Australia’s largest undeveloped copper cobalt projects in north-west Queensland.
Settlement of the placement is expected to occur on 20 December 2017, with new shares expected to be allotted and commence trading the following day,
Shares in Aeon Metals (ASX:AML) are trading flat 30 cents.