Pivotal Metals (ASX:PVT) is raising $5.4 million in a multi-faceted financing offer to fund drilling across the company’s Belleterre Project in Québec, Canada.
The company will apply funds towards drilling new targets, including the recently delineated Alotta conductor, which extends strongly down-dip from ‘high-grade’ mineralisation intersected in prior drilling. Drilling is expected to start late in Q4 2025.
Powerhouse Ventures’ (ASX:PVL) wholly owned subsidiary Powerhouse Advisory Australia acted as the lead manager for this placement, which has been supported by renowned Australian resources investor Matthew Latimore.
The company is conducting an institutional placement to raise $2.5 million, issuing 227.27 million shares at $0.011, representing a 16.9% discount to the 15-day volume weighted average price (VWAP).
Tranche one will issue the first 65.47 million shares, before the remaining 161.81 million shares are issued following shareholder approval. Pivotal directors intend to subscribe for 8.18 million shares, equalling $90,000.
In conjunction with this placement, Pivotal will raise another C$2.62 million ($2.88 million) from a flow-through share placement, issuing 159.09 million shares at C$0.016.
This issue price represents a 65% premium to the institutional placement and a 37% premium to the 15-day VWAP.
This placement is being facilitated by Canadian share dealer Wealth Creation Preservation & Donation.
Meanwhile, the company is also progressing the Lorraine Mine gold target, located within the Belleterre Project, with an induced polarisation survey, to begin in Q4 2025.
Managing Director Ivan Fairhall says the Belleterre Project in Québec is ready for a December 2025 campaign, hosting drill ready targets associated with a “regional scale high-grade mineralising system that remains vastly under-explored”.
“The strong demand and support from strategic, institutional and sophisticated investors, including leading Australian resources investor Matt Latimore, underscores confidence in the scale and quality of our Québec projects,” Fairhall says.
“With a fully funded exploration program ahead, we are now very well positioned to unlock the exciting exploration opportunities at Belleterre, and value of Horden Lake where we hold a recently enlarged shallow mineral resource estimate totalling 37 million tonnes @ 1.1% copper equivalent.”
Pivotal Metals is a mineral explorer and developer of critical mineral projects in Canada.
Write to Maddison Elliott at Mining.com.au
Images: Pivotal Metals
