Alvo Minerals Limited (ALV) has announced an accelerated non-renounceable pro-rata entitlement offer aiming to raise approximately $1.56 million before costs. The offer, structured at 2 new shares for every 3 existing shares, priced at $0.02 per new share, includes one free attaching unlisted option for every two new shares subscribed. These options have an exercise price of $0.05 and expire 36 months from the issue date. The offer is split into institutional and retail components, neither of which are underwritten.
Funds raised are earmarked for continued exploration at Alvo’s Critical Minerals Projects, particularly the Palma Cu/Zn Project, and for pursuing other gold and copper projects in Brazil. A portion will also support general working capital. The Entitlement Offer represents a 60% discount to the Company’s closing share price of $0.051 per Share on 14 May 2025.
Eligible shareholders can subscribe for additional new shares beyond their entitlement under a Shortfall Offer. The company also outlined a Lead Manager Offer, with up to 4,000,000 Lead Manager Options. The board reserves the right to adjust the use of funds based on evolving circumstances to maximize shareholder benefits. The offer is non-renounceable and will not be underwritten.
The offer opens on June 11, 2025, and closes on June 20, 2025.
