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.
Write to Adam Orlando at Mining.com.au