Auking Mining's Entitlement Offer to Raise Funds for Exploration Activities

Auking Mining Limited (ASX:AKN) has announced the launch of a pro-rata non-renounceable entitlement offer to existing shareholders to raise up to a maximum A$1.48M. The offer aims to fund ongoing exploration activities across the Company's portfolio of exploration projects. The issue price of $0.007 per Share under the Entitlement Offer represents a 12.5% discount to the last closing price of $0.008 on 6 September 2024 and a 31.4% discount to the 15-day volume weighted average price of AuKing shares on ASX of $0.0102 as at the same date.

Executive Commentary on Entitlement Offer

The Directors of Auking Mining, Peter Tighe and Paul Williams, have committed to subscribing for their pro-rata entitlements under the Entitlement Offer. The offer is aimed at funding various exploration programs, including drilling at the Mkuju uranium project in southern Tanzania, a radiometric survey over the Myoff Creek niobium/REE project in eastern BC, Canada, RC drilling program at Sandiego North, part of the Koongie Park copper/zinc project, and an initial soil sampling program at the newly-acquired Great Codroy uranium project in Newfoundland, Canada. The offer also includes costs of the Entitlement Offer and general working capital purposes.

Summary of Auking Mining's Entitlement Offer

Auking Mining Limited (ASX:AKN) has initiated a pro-rata non-renounceable entitlement offer to raise up to A$1.48M for funding ongoing exploration activities across its portfolio of exploration projects. The offer, which includes a 12.5% discount to the last closing price and a 31.4% discount to the 15-day volume weighted average price of AuKing shares, is aimed at financing various exploration programs and general working capital purposes. The Directors' commitment to subscribing for their pro-rata entitlements under the Entitlement Offer demonstrates confidence in the Company's exploration projects and future prospects. The Entitlement Offer is not underwritten, and eligible shareholders will be invited to take up all or part of their entitlements under the Retail Entitlement Offer with the ability to subscribe for additional New Shares in excess of their entitlement. The offer is expected to open on Friday, 20 September 2024 and close at 5:00 pm (Sydney time) on Thursday, 10 October 2024.