Amara Minerals (ASX:AM3) has received firm commitments to raise $2.2 million through a placement, funding diamond drilling at the Lauriston and Apollo projects.
The company will issue 440 million shares at $0.005 each, representing a 25% premium to the last trading price of $0.004 and an 8.5% premium to the 10-day volume weighted average price.
Shares will be issued with one free attaching listed option for every two shares subscribed, resulting in the issuance of 220 million options exercisable at $0.008 and expiring on 1 May 2029.
Shareholder Nova Minerals (ASX:NVA) has increased its investment in Amara with an additional $500,000 commitment. This follows Nova’s initial $1 million investment in September 2025.
Meanwhile, Amara Chairman Mena Habib and Managing Director Ian Holland have agreed to participate in this placement for $75,000 and $25,000, respectively.
Barclay Pearce Capital acted as the sole lead adviser for this placement.
Funds will be deployed to continue diamond drilling at the Lauriston and Apollo gold and antimony projects, as well as to assess new opportunities and for general working capital.
Managing Director Ian Holland says the placement reflects “continued confidence in Amara’s Victorian antimony strategy at a pivotal time” as the company progresses drilling at the Trojan prospect before moving the rig to Apollo.
“We’re pleased to welcome further support from Nova Minerals, and the board’s own participation at the 25% premium reflects our shared confidence in the path ahead,” Holland says.
Amara Minerals is focused on advancing two ‘high-grade’ gold-antimony projects in Victoria’s gold belts.
Write to Maddison Elliott at Mining.com.au
Images: Amara Minerals
