Alicanto Minerals (ASX:AQI) Secures $3M Placement
Capital Raising Details
Alicanto Minerals Limited (ASX: AQI) has successfully secured firm commitments for a $3 million placement. The placement, offered at A$0.03 per share, reflects a 10.98% discount to the 15-day volume-weighted average price (VWAP). The interest shown in the placement led to significant scaling, with major shareholders and all directors participating. The director component totalling A$165,000 will form a second tranche, subject to shareholder approval set for February 2025.
Use of Funds and Strategic Focus
The funds raised will primarily support working capital, which includes due diligence on potential project opportunities, particularly in advanced gold, silver, and copper assets. The company will leverage insights from consultants Steve Parsons and Michael Naylor, who have extensive experience in recent acquisitions by associated entities like FireFly Metals Ltd and Andean Silver Ltd. The recently appointed Head of Corporate Development, Ben Palich, will play a critical role in evaluating these opportunities.
Timetable and Next Steps
The placement involves issuing 94,500,013 shares under ASX Listing Rules, with settlement expected on December 10, 2024. A further 5,500,002 shares, subject to director approval, will be addressed in a general meeting targeted for February 2025. This announcement comes after lifting a trading halt that was in place since November 29, 2024, with trading expected to resume immediately.
Executive Comment
Ray Shorrocks, Interim Executive Chairman of Alicanto Minerals, expressed confidence in the solid backing from shareholders and highlighted the strategic approach towards leveraging funds for future growth and exploration initiatives.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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