Astute Metals NL (ASX: ASE) has announced that it has secured binding commitments to raise $5.5 million (before costs) through an oversubscribed two-tranche placement of 366,666,667 fully paid ordinary shares at $0.015 per share. Astute Metals NL is an ASX-listed company focused on the exploration and development of mineral resources. The company’s projects are located in Nevada, USA.
The capital raising will occur in two tranches. Tranche 1 will raise $1.40 million through the issue of 92,721,038 ordinary shares, with settlement expected around 7 August 2025. Tranche 2 aims to raise $4.11 million through 273,945,629 ordinary shares, subject to shareholder approval at a meeting expected around 12 September 2025. Major shareholder Holdmark Property Group is supporting the raise with a $1.25 million subscription, and Astute Chairman Tony Leibowitz will subscribe for $0.35 million.
In addition to the placement, Astute plans to launch a Share Purchase Plan (SPP) to existing shareholders, seeking to raise up to $500,000 at the same price as the placement, subject to regulatory approvals. The funds raised will primarily be used to drill gold-silver targets at the Needles Gold Project and to deliver a maiden JORC Mineral Resource Estimate for the Red Mountain Lithium Project, both in Nevada. Joint Lead Managers for the capital raising were Alpine Capital Pty Ltd and Evolution Capital Pty Ltd.
The company also announced it will seek shareholder approval to change its name to ‘Venari Minerals NL’ at the upcoming general meeting. The board believes the new name better reflects the company’s focus on active exploration and development. Following completion of both tranches, Astute’s capital structure will include 984,816,386 fully paid ordinary shares. Tony Leibowitz, Astute Chairman, expressed delight with the strong interest in the capital raising and gratitude for the continued support from major shareholders.
