Advance Metals Limited (ASX: AVM) has successfully completed a $13 million capital raise, cornerstoned by leading institutional investors including Jupiter Asset Management and Tribeca Investment Partners, who together contributed $6.5 million. The funds will accelerate exploration across the company’s high-grade silver and gold assets in Mexico and Victoria, Australia.
The placement, priced at $0.10 per share, was strongly supported by both domestic and international precious metals-focused funds, with additional backing from Lowell Resources Fund, APAC Resources, and Next Investors.
This raise follows Advance’s recent acquisition of the Guadalupe y Calvo (GyC) Gold-Silver Project in Mexico, a move that has significantly expanded its footprint in the region. Exploration is ramping up across GyC, Yoquivo, and Gavilanes, with a maiden diamond drilling program at GyC expected to commence shortly, pending approvals.
In Victoria, Advance is midway through an expanded drilling campaign at the Myrtleford Gold Project, where recent results have outlined a coherent ultra-high-grade gold zone at the Happy Valley Prospect. The company plans to extend drilling to new high-priority targets in the region.
Advance also announced plans to pursue a dual listing in North America, reflecting growing offshore interest in its portfolio.
Placement Highlights:
- Total Raised: $13 million
- Price: $0.10/share
- Tranche 1: ~64.6M shares under ASX Listing Rules 7.1 & 7.1A
- Tranche 2: ~65.4M shares, subject to shareholder approval
- Options: 1-for-2 unlisted options, exercisable at $0.15 within two years (subject to approval)
- Premiums: 3% to 5-day VWAP; 28% to 20-day VWAP
Use of Funds:
- Accelerated exploration at GyC, Yoquivo, and Gavilanes in Mexico
- Expanded drilling at Happy Valley and regional targets in Victoria
- General working capital
The placement was unbrokered and led by the Company, with a 6% fee allocated to licensed brokers on a portion of the raise.
To read more about this, please visit https://advancemetals.com.au/
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