Alma Metals (ASX:ALM) has completed its share purchase plan, raising $1.93 million through the issue of 321.26 million shares at an offer price of $0.06 per share.
Major shareholder Lowell Resources Fund also subscribed for 33.33 million shares in this plan, providing the company with an additional $200,000. The subscription has allowed Lowell to maintain its 9.5% interest in Alma.
The total proceeds of $2.13 million will be used to fund drilling at the Briggs Copper Project in Queensland, which is scheduled to begin in March 2026. This campaign intends to expand and upgrade the resource area ahead of a Prefeasibility Study.
As reported by Mining.com.au, Alma intends to complete a Prefeasibility Study at the project next year after concluding exploration with hole 25BRD0038 being drilled to a depth of 392.7m.
Alma Metals is an Australian copper explorer focused on advancing its Briggs Project in Queensland and the East Kimberley Project in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Alma Metals
