Details of Auking Mining's non-renounceable rights issue

Auking Mining Limited (ASX:AKN) is conducting a non-renounceable rights issue, offering two new shares for every three held at an issue price of $0.007 per new share. The rights issue aims to raise approximately $1,487,206. Managed by Empire Capital Partners Pty Ltd and CoPeak Pty Ltd, the entitlement offer closes on 10 October 2024, with acceptance forms and payment due by 5.00pm (AEST) on the same day.

Executive commentary on the rights issue

The company has outlined the key dates and important information related to the offer, including the exclusion of certain shares and options from the offer. The prospectus contains crucial details for shareholders, including the company's intentions for the use of funds raised, offer restrictions for foreign shareholders, and the distribution of the prospectus in jurisdictions outside Australia and New Zealand.

Summary of Auking Mining's rights issue and outlook

Auking Mining Limited's non-renounceable rights issue aims to raise approximately $1,487,206. The company has provided indicative dates for the Entitlement Offer, subject to change, and may extend the closing date by giving notice to ASX. The announcement includes historical and pro-forma financial information, the capital structure following the offer, and various risk factors associated with investing in AKN. With exploration assets in Canada, Western Australia, and Tanzania, the company's directors and senior management possess relevant expertise and skills in the industry. The company has also entered into mandates for capital raising and acquisition agreements, demonstrating its strategic initiatives and growth plans.