Asra Resources (ASX:AS1) (formerly Golden Rim Resources) has retained Perth-based integrated investment company Argonaut Securities to act as a non-exclusive broker and bookrunner to Asra’s entitlement issue offer.

Asra, which has a $9.51 million market capitalisation, appointed Argonaut for the latter to use its ‘best endeavours’ to place the remaining shortfall to its entitlement issue prospectus dated 16 November 2023.

The company is seeking to raise up to a maximum of $4.7 million at $0.012 fully paid ordinary shares under the shortfall offer. The shortfall offer will remain open until 31 January 2024.

In November, Asra announced a non-renounceable rights issue to raise up to $7.099 million to pursue exploration activities and work programs at the Kada Gold Project in Guinea and repay a $1.5 million convertible note.

Asra Resources is an explorer with a portfolio of advanced minerals projects in Guinea and Burkina Faso in West Africa, and in Chile, South America.

Write to Adam Drought at Mining.com.au

Images: Asra Resources