It’s hard hat on at ASX-listed gold-base metals play Aurelia Metals, which looks like braving equity capital market conditions to go to investors with a raising.
While Australian shares were tipped to drop on Monday - following Wall Street’s lead from Friday night - Aurelia was putting together its pitch to investors, in a bid to lure more fund managers onto its share register.
The company’s expected to seek to raise $60 million via Bank of America as early as this week. Funds raised would be used to get its Federation project, in central-western NSW, closer to production.
The administrator sent a five-page flyer to potential buyers at the weekend, telling them the group made about $230 million in gross sales last financial year and was trying to get to 200 million tests a year.
There was little mention as to why the company called in the administrator - sounds like it was the capital raising environment - but there was news that FTI had mandated Houlihan Lokey to help with the sale.
Base metals play Aurelia Metals will have fund managers digging into its proposed Federation underground mine in central-western NSW this week, in a bid to win funding for feasibility works.
Venture capital firm Antler, which invests in start-ups it helps build from scratch, is understood to be sounding investors for a second fund focused on Australian companies.
Little-known WA nickel and cobalt explorer GME Resources has landed on the radar of European car giant Stellantis, best known for making Fiats and Maseratis and expected to record €175 billion ($268 billion) revenue this year.
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