Asra Minerals Ltd (ASX:ASR) has announced a successful placement, raising $3.25 million (before costs) to accelerate exploration activities at its Leonora Gold Projects in Western Australia. Asra Minerals is a mineral exploration company focused on discovering and developing gold and other valuable resources in the Eastern Goldfields region of Western Australia. The placement was strongly supported by existing shareholders and new high-profile institutional, sophisticated, and high-net-worth investors, with shares issued at $0.02 each.
The company plans to use the funds to immediately commence an extensive exploration program across the Leonora North and Leonora South projects. These programs will include drilling at high-priority, previously untested targets at Leonora North. Additionally, the funds will support further drilling at priority targets within Leonora South, building upon recent high-grade results, including an intersection of 15 metres at 10.21 grams per tonne of gold from 12 metres at the Eclipse Prospect.
Asra Minerals Managing Director, Paul Stephen, described the funding as transformative, enabling the company to aggressively explore its highly prospective Leonora Gold Projects. He highlighted the recent success at Eclipse as demonstration of the significant potential of the company’s ground and expressed excitement about deploying the funds to systematically test for extensions and new discoveries.
Directors of Asra Minerals have also committed to subscribe for $100,000 worth of shares, subject to shareholder approval, demonstrating their strong alignment with the company’s strategy. Settlement of the placement is anticipated to occur on Monday, 15 September 2025. GBA Capital Pty Ltd acted as Lead Manager to the Placement.
