Altair Minerals (ASX:ALR) has received a firm commitment from Endeavour Mining subsidiary Endeavour Gold Corporation to raise $28.2 million through a private placement.
The company will issue 656.26 million shares at an issue price of $0.043 per share to Endeavour, which will become a 9.9% shareholder following the completion of the placement.
Shares will be issued across two tranches: 398 million in tranche one and 258.26 million in tranche two, subject to shareholder approvals.
The issue price represents a 5% premium to the company’s last trading price and a 40% premium to the 30-day volume-weighted average price.
62 Capital and Argonaut Securities are acting as joint lead managers for this placement, which is expected to be complete in mid-June.
The company expects to settle shares from tranche one on 30 April 2026.
Funds will be used to increase the current drilling campaign by 66% to a total of 50,000m of drilling, accelerate the program, advance ongoing geochemical programs, and for regional targeting programs.
Altair CEO Faheem Ahmed says the company is excited to welcome Endeavour “as a substantial strategic investor into Altair and to accelerate our Greater Oko exploration program, leveraging the technical support from one of the most successful gold exploration teams globally”.
“Endeavour is the largest gold producer in West Africa, renowned for its exploration track record and technical expertise across the West African Birimian Greenstone Belt,” Ahmed says.
“Endeavour’s investment into Altair, given their technical expertise in greenstone belt exploration, is a strong endorsement of the prospectivity and scalability of Altair’s land package.
“Both companies have a mutual appreciation and understanding of the unique opportunity present at hand with the Greater Oko Project in Guyana, a dominant land position sitting on the last untapped ‘Birimian-Like’ greenstone belt on the planet that sits in a pro-mining and politically stable jurisdiction.
“This placement positions Altair to aggressively explore across Greater Oko and deliver exploration success.”
As reported by Mining.com.au, Altair began its inaugural 30,000m drilling campaign at the Greater Oko Project earlier this month.
Altair Minerals is an Australian company focused on unlocking the mineral potential of Guyana through the Greater Oko Project.
Write to Maddison Elliott at Mining.com.au
Images: Altair Minerals
