Larvotto Resources (ASX:LRV) is set to raise $5 million through a share purchase plan, with the funds earmarked for advancing the Hillgrove Project in New South Wales. The capital injection will support the project’s progression toward production, expansionary drilling initiatives, and mill expansion. Larvotto Resources is an Australian explorer focused on developing its portfolio of assets in Australia and New Zealand.
The share purchase plan offers shares at an issue price of $0.68 each. This represents a 6.2% discount to the closing price of $0.73 and a 13.5% discount to the five-day volume-weighted average price. Eligible shareholders will have the opportunity to increase their holdings in Larvotto, purchasing shares in blocks ranging from $5,000 up to $30,000 at the set issue price.
Directors of Larvotto Resources have indicated their intention to participate in the share purchase plan. The offer is scheduled to close at 5pm (AWST) on 15 August 2025. As reported by Mining.com.au, Larvotto recently secured $60 million through a two-tranche placement, which will also contribute to accelerating operations at the Hillgrove Project.
The Hillgrove Project currently boasts a resource estimate of 1.7 million ounces of gold equivalent at 7.4 grams per tonne. The company anticipates making a final investment decision soon, paving the way for the project to move towards antimony and gold production in 2026.
