Altitude Minerals Ltd (ASX: ATT) announced on 17 September 2026 that it has successfully secured commitments for a $1.215 million share placement and will proceed with a non-renounceable entitlement offer aiming to raise an additional $1.487 million. The mineral exploration company, focused on the exploration and development of gold and silver projects, primarily in Nevada, USA, intends to use the combined funds for drilling activities at its Firenze and Winnemucca Projects, business development, and general working capital. The announcement also serves to lift the current trading halt on ATT securities.
The placement successfully attracted commitments from sophisticated and professional investors for $1.215 million. Shares were issued at 0.5 cents each, accompanied by one free unquoted option for every two shares, exercisable at 1 cent with an expiry of 30 November 2028. This placement price represents a 37.5% discount to the last traded closing price on 14 September 2026. Altitude Minerals’ directors also committed to subscribe for $315,000 worth of shares on the same terms, subject to shareholder approval. A portion of the placement shares will be issued under the company’s existing ASX Listing Rule 7.1 capacity, with the remainder requiring shareholder endorsement.
In parallel, Altitude Minerals will offer existing eligible shareholders a non-renounceable entitlement to acquire two new shares for every three shares held on the record date of 23 September 2026. This rights issue also carries an issue price of 0.5 cents per share and includes one free attaching option for every two new shares, mirroring the terms of the placement. Eligible shareholders will also have the opportunity to apply for additional shares and options under a shortfall offer. Managing Director Duncan Chessell expressed enthusiasm, stating it is rare to be the first exploration team to drill outcropping veins that have shown bonanza-grade silver and gold rock chips at the surface. GBA Capital Pty Ltd is acting as lead manager for both the placement and the entitlement offer.
