Freehill Mining Limited (FHS: ASX), a company focused on the exploration and development of iron ore and copper projects, has announced it has received firm commitments for a $1.5 million share placement to sophisticated and professional investors. The placement is priced at $0.003 per share, with a free attaching option exercisable at $0.005, expiring in three years. This placement was undertaken at a 16.0% discount to the 15-day volume-weighted average price of FHS shares up to February 26, 2026.
The net proceeds from the placement will be allocated to several key initiatives. These include advancing exploration and development work on two copper-gold projects in region IV of Chile and exploration, mine surveying and planning at the Blanco y Negro copper project. Funds will also support the compilation and re-release of historical data on the Joshua multiphase copper porphyry project.
In addition, the placement will fund capital expenditure to expand the processing capacity for the company’s aggregates business and provide general working capital. Freehill will issue 500,000,000 shares under the placement, expected to be completed by March 10, with trading of the new shares commencing the following business day. Investors will receive one free attaching option for each share subscribed, with the company seeking quotation of the options subject to ASX requirements.
Alpine Capital acted as Lead Manager for the placement, receiving a 7% capital raising fee and 100,000,000 options on the same terms as the placement options. The shares will be issued under Freehill’s available capacity under ASX Listing Rules 7.1 and 7.1A, while the issuance of options is subject to shareholder approval at an upcoming general meeting.
