More News from Aruma Resources (ASX:AAJ)
It’s been a busy week for Aruma Resources Ltd [ASX:AAJ]. Aruma is a junior, ASX-listed mineral explorer focusing on the exploration and development of three gold projects in Western Australia. These are: Slate Dam, Beowulf, and Clinker Hill, all 100% owned by Aruma.
Earlier this week, my colleague Ryan Clarkson-Ledward wrote on how Aruma Resources shares had climbed 25% after announcing they had discovered gold at Melrose Gold Project…without doing any drilling.
You can read the whole thing here.
Today, Aruma had more news to share.
Aruma gets cash…and more…
Aruma Resources announced they’re raising $800,000 by issuing 200 million shares at 0.4 cents each to sophisticated investors in two tranches.
They will be using the money for exploring Aruma’s existing gold projects in Western Australia, but also to explore a new project…
In the same announcement, Aruma revealed today they’ve entered into an agreement to buy Capital Gold Project in the Goulburn region in New South Wales. They will be acquiring the project by issuing five million new shares, subject to approval by Aruma shareholders.
Aruma shares opened 25% higher today, at 0.5 cents after a trading halt, but…
…markets weren’t too excited on Aruma’s news. At time of writing, Aruma shares had fallen back to levels before the trading halt, at 0.4 cents.
It’s hard to pick winning gold explorers, some will strike gold, while others will run out of money. Gold explorers are one way to get exposure to gold, another is to buy gold directly.
If you are interested in knowing more about how to invest in gold, check out Shae Russell’s step-by-step guide on the ‘Best Way to Buy, Sell and Store Gold’.
To read this FREE report, click here.
For The Daily Reckoning Australia