Australian focused exploration company, First AU, has raised an impressive $1.84 million to fast-track exploration activity with their projects in both Victoria and South Australia.

The funds, raised via Share Placement to sophisticated and professional investors at $0.012 per share, will be used to accelerate exploration for First AU’s priority Victorian projects located in East Gippsland, as well as commencing exploration at Mabel Creek in South Australia.

First AU’s Executive Chairman and Managing Director, Bryan Frost, is looking forward to implementing the funds towards the numerous projects.

“These funds will allow exploration at our Victorian projects to accelerate progress over the next 6-12 months. In addition to the current drilling that is ongoing at Snowstorm Project in Victoria, this funding will let us move towards commencing drilling at the highly prospective Haunted Stream and Dogwood Projects early in 2022,” he said.

In particular, the funds raised are proposed to be applied towards the following:

• A diamond drilling and exploration program targeting extensions of historical high-grade workings at the Ernestine Prospect, with drilling to commence in the first half of 2022
• The diamond drilling program at Dogwood, with drilling anticipated to commence in the first quarter of 2022
• The initial exploration for IOCG potential at Mabel Creek including a gravity survey, soil sampling and drill target generation, which will occur over the next few months
• General working capital requirements, including the costs of the Placement and the SPP

The company is also proposing to raise a further $450,000 through conducting a Share Purchase Plan (“SPP”) to allow existing eligible shareholders, whose registered addresses are in Australia or New Zealand, to participate in this capital raising round.

Under this new SPP, eligible shareholders will each be able to apply for up to $30,000 of new fully paid ordinary shares in the Company at $0.012 per SPP Share.