- Advanced Metals (AVM) is set to raise $1 million through a two-tranche share placement
- The company will place 100 million shares at one cent per share under the first tranche
- The second tranche will see AVM issue one free attaching unlisted option for every share issued, exercisable at 2.1 cents and expiring in two years
- Advanced Metals said it would use the funds to advance its exploration work across its copper and gold assets in the US
- Shares in Advanced Metals closed at 1.2 cents per share
Advanced Metals (AVM) is set to raise $1 million through a two-tranche share placement.
Under the first tranche, the company will place 100 million shares at one cent per share.
The second tranche will see Advanced Metals issue one free attaching unlisted option for every three shares issued, exercisable at 2.1 cents and expiring two years from their issue date.
Advanced Metals said it would use the funds to advance its exploration work across its copper and gold assets in the US, for general working capital, and to explore potential new opportunities.
“The placement will provide an outstanding platform for the company to grow and expand its current exploration activities together with the potential to acquire other new exploration activities should they arise,” Executive Director Keith Middleton said.
Mr Middleton will also be taking up two million shares under the placement, pending approval at a shareholders meeting to be held in late January 2023.
Settlement of the first tranche is set to take place before December 9, and the second tranche will be pending shareholder approval.
In July, the company commenced exploration and expanded its Anderson Creek Gold project in Idaho.
The company completed a staking program that expanded the project by 200 per cent.
Shares in Advanced Metals closed at 1.2 cents per share.