Alvo Minerals Limited (ASX: ALV) has announced the successful completion of the retail component of its non-renounceable entitlement offer. The retail offer was fully subscribed, raising $810,985. Alvo Minerals is an active Australian minerals exploration company, with an established exploration base in central Brazil. The company focuses on exploring for base and precious metals, particularly high-grade copper and zinc at its Palma Copper Zinc Project in Tocantins State, Brazil.
The Entitlement Offer was strongly supported by existing Alvo shareholders, with 77% of the offer being taken up directly. The remaining 23% was placed with clients of the lead manager, Discovery Capital. The retail offer was completed at the same price as the accelerated institutional component, which closed fully subscribed earlier in June and raised an additional $751,133. The Alvo Minerals Board and key institutional shareholders also participated in the accelerated raising.
According to the announcement shares from the Retail Offer are expected to be issued on Friday, 27 June 2025. Proceeds from the Entitlement Offer will be directed towards advancing the Palma Cu/Zn Project, considering other minerals projects in Brazil, and for general working capital. The company also states it will continue actively considering other minerals projects in Brazil, including assets in the gold and copper sectors.
Rob Smakman, Managing Director of Alvo Minerals, expressed his gratitude for shareholder support. He stated that the company will maintain its strategy of exploring its highly prospective suite of assets in Brazil while reviewing other minerals projects, and continue working hard to deliver results and create value for shareholders.
