Altamin launches $2.45 million entitlement offer

Altamin (ASX:AZI) is undertaking a 1 for 8 non-renounceable pro-rata entitlement offer of fully paid ordinary shares at an issue price of $0.05 per new share to raise up to about $2.45 million.

The funds raised will be applied to undertake exploration activities mainly at Altamin’s Lazio lithium projects, with discrete spending at the Punta Corna cobalt, Corchia copper, and Villar graphite projects, towards general corporate and administration expenses, and working capital.

Spending at the Villar graphite project is subject to the company being granted an exploration licence.

Altamin advises that its largest shareholder, VBS Exchange, together with Gannet Capital as trustee for Victor Smorgon Partners Global Multi-Strategy Fund, have committed to take up their full entitlements under the offer.

The entitlement offer is not being underwritten.

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Written By Adam Orlando Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.