WHY NOVUS CAPITAL?

is an investment and financial services company specialising in Investment Banking, Corporate Advisory and Share Trading services for Australian corporate and private clients, and overseas corporate clients.

CONTACT INFO
  • Address: Level 11, Plaza Building Australia Square, 95 Pitt Street, Sydney, NSW 2000 Australia
  • Phone: +61 2 9375 0100
  • Email: Contact Us
Auking Mining Limited

Auking Mining Limited

 

About Auking Mining Limited

 

Auking Mining Limited (AKN) is an ASX listed Company that has been suspended from trading since September 2019. AKN is proposing to restructure itself and to acquire up to 75% interest in Koongie Park, a significant brownfields copper/zinc exploration project in the Kimberly region of Western Australia. The terms of the acquisition from Anglo Australian Resources NL (ASX: AAR) the current holder are: - $1m cash upon the relisting of AKN on the ASX and $ 3m being spent on exploration activities and project studies over a maximum of 3 years. The project consists of 26 tenements. The project is divided into two main projects, the Onedin Deposit and the Sandiago deposit. Both have resources in accordance with the JORC 2012 standard.

 

PROJECT HIGHLIGHTS

The Koongie Park tenure package comprises 26 tenements with 2 mining leases, 8 exploration licences, and 16 prospecting licences. The total tenement area is approximately 544 km2.

Limited expenditure has been incurred on these over the past 5 years and accordingly some areas of tenure may need to be reapplied for absorbed into existing tenements within the package as they mature.

Under the JV Agreement AuKing has exploration access to all tenements immediately with all tenements, other than the existing ML’s, forming part of the joint venture upon completion of the Stage 1 earn-in. The existing ML’s will be included in the JV upon completion of the Stage 2 earn-in.

 

PROPOSED TRANSACTION

 

AKN wishes to raise a minimum of $6m and a maximum of $ 7m. Assuming the minimum raise, the result will be a company with a market capitalisation just shy of $10m with a free float of around 70%. The Company would also need the required spread of shareholders to satisfy the ASX regulations in this matter.

 

Novus has been mandated as Sponsoring Broker/Lead Manager and Financial & Corporate Advisor to the Company for the purpose of advising, and implementing the re-admission of the Company to trading on the ASX.

For further information, please contact Gavan Farley of Novus Capital Limited on mobile +61 420 520 300 or via email gavan.farley@novuscapital.com.au OR

Wayne Rossiter of Novus Capital Limited on mobile +61 420 959 304 or via email Wayne.Rossiter@novuscapital.com.au