Alvo Minerals Limited (ASX: ALV) has updated the terms of its previously announced entitlement offer. The offer, initially detailed on May 23, 2025, involves a pro-rata non-renounceable offering of two new shares for every three shares held, priced at $0.020 per share. The key amendment is the inclusion of one free attaching option for every two new shares issued. These options have an exercise price of $0.05 and will expire 36 months from the issue date, subject to potential acceleration. The record date for eligible retail shareholders is set for 7:00 pm (Sydney time) on Thursday, June 5, 2025.
The company intends to allocate the proceeds from the fully subscribed Entitlement Offer as follows: $700,000 (45%) for continued exploration across Alvo’s existing projects, $450,000 (29%) for continued new project assessment, and $410,000 (26%) for working capital and expenses related to the Entitlement Offer, totaling $1,560,000. These allocations are indicative and may be adjusted based on prevailing circumstances. Alvo Minerals is actively exploring for base and precious metals at its Palma Copper Zinc Project in Brazil, which has a JORC 2012 Mineral Resource Estimate of 7.6Mt @ 2.0% CuEq. The company is also exploring for Rare Earth Elements (REE) at its Bluebush and Ipora projects.
The updated indicative timetable includes the announcement and lodgement of the prospectus on June 2, 2025, with the institutional entitlement offer also commencing on the same day. Results of the institutional offer are expected by June 5, 2025, with trading resuming ex-entitlement. The prospectus with application form will be dispatched around June 11, 2025, and the closing date for the offer is set for June 20, 2025. The issue of new shares and options is scheduled for June 27, 2025, with quotation of new shares expected on June 30, 2025. Retail shareholders outside Australia, New Zealand, or the United States are ineligible to participate. The offer is subject to the terms and risks detailed in the prospectus.
