Evolution Energy Minerals (ASX: EV1), a company focused on developing graphite and copper projects, has announced the successful closure of its renounceable rights issue. The rights issue, initially aimed at raising $1.5 million, was significantly oversubscribed, ultimately raising $1.45 million before costs. This positive outcome reflects strong support from both existing shareholders and new investors, demonstrating confidence in the company’s strategic direction.
To accommodate a portion of the excess demand, Evolution Energy Minerals has agreed to undertake a follow-on placement, raising an additional $300,000. This placement will be on the same terms as the rights issue, bringing the total funds raised to $1.75 million before costs. As a result, the company will issue 175,060,200 new fully paid ordinary shares and 87,530,100 new options, exercisable at $0.02 with an expiry date of 12 September 2028. The options will be listed on the ASX under the code EV1O.
The proceeds from the rights issue and follow-on placement are earmarked for the development of the Chilalo Graphite Project, exploration of the Chikundo Copper Prospect, payment of creditors, costs associated with the offers, and general working capital. Mahe Capital Pty Ltd acted as Lead Manager and Underwriter to the Rights Issue and advised the Company on the Rights Issue and the Follow-on Placement.
The new securities are expected to be issued on Friday, 12 September 2025. The company expressed its gratitude to shareholders for their support during the rights issue, highlighting their continued commitment. The board of directors approved the release of this announcement.
