Octava Minerals Limited (ASX: OCT) has announced the successful completion of the first tranche of its previously announced placement, as detailed in the ASX announcement on 25 July 2025. Octava Minerals is a Western Australian based new energy metals exploration and development company with four strategically located projects in geographically proven discovery areas. The placement aims to raise a total of $1.5 million.
The first tranche raised approximately $457,500 through the issue of 15,250,007 ordinary shares at $0.03 per share. The placement was reportedly well-supported by new sophisticated and professional investors. Applicants in the placement will also receive one free attaching unlisted option for every two placement shares applied for. These options, subject to shareholder approval at an upcoming general meeting, are exercisable at 8 cents on or before three years from the issue date.
The placement is structured in two tranches. Tranche 1 involved the issue of 15,250,007 fully paid ordinary shares under the company’s available placement capacity, as per Listing Rules 7.1 and 7.1A. Tranche 2 will see the issue of 34,749,993 fully paid ordinary shares, contingent upon shareholder approval at a general meeting. Additionally, 25,000,000 free attaching unlisted options will be issued, also pending shareholder approval.
Broker fees include a 6% brokerage fee plus 6 million advisor options with a 3-year expiry and a strike price of $0.08. These advisor options are also subject to shareholder approval. All shares issued under the placement will rank equally with existing fully paid ordinary shares in Octava Minerals. Further details can be found in the Appendix 2A following the announcement.
