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Highlights

  • $2.55 million raised via placement to institutional and sophisticated investors
  • Proceeds to support drilling at Happy Valley and Yoquivo Silver-Gold Project
  • Placement includes 51 million shares at $0.05 with 1-for-3 attaching listed options

Advance Metals Limited (ASX: AVM) has completed a $2.55 million capital raising to support ongoing and upcoming exploration programs across its Australian and Mexican assets. The funds were secured through a single-tranche placement to institutional and sophisticated investors, with Evolution Capital acting as Lead Manager.

The placement follows high-grade gold intercepts reported from the company’s maiden drilling program at the Happy Valley Prospect within its Myrtleford Project in Victoria. Results included a notable 7.5 metres at 47.9 grams per tonne gold from drill hole AMD003, with further assays pending.

A total of 51 million new shares will be issued at $0.05 each, representing a 10.7% discount to the last closing price and a 2.5% discount to the 15-day volume-weighted average price. The shares will be issued under Listing Rules 7.1 and 7.1A, with attaching 1-for-3 listed options (AVMO), exercisable at $0.05 and expiring on 31 May 2029, subject to shareholder approval.

Advance’s Managing Director, Dr. Adam McKinnon, has also committed to subscribing for $25,000 of shares, pending shareholder approval.

Proceeds from the placement will fund follow-up diamond drilling at Happy Valley, regional exploration at Myrtleford and Beaufort, and the commencement of maiden drilling at the Yoquivo Silver-Gold Project in Chihuahua, Mexico. Additional funds will be allocated to general working capital.

The shares are expected to be issued on or around 8 May 2025 and will be cleansed under a prospectus to allow for secondary trading. Evolution Capital will receive a placement fee of up to 6% and 3.5 million AVMO options, also subject to shareholder approval.