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Australian Mines’ shares balloon on Sconi raising

Creamer Media Senior Deputy Editor: Australasia
Junior metals developer Australian Mines’ shares shot up 44% on Monday, after the company raised A$20-million to fund work at its Sconi cobalt/nickel/scandium project, in Queensland. The ASX-listed company said on Monday it had approached a number of institutional fund managers regarding a possible raise, and had received applications for nearly A$40-million of what it had intended to be a A$10-million placement.

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