Heavy Minerals (ASX:HVY) has used its at-the-market (ATM) subscription agreement with Acuity Capital to raise $200,000 for general working capital.
The company entered into the agreement in August 2024, which provided up to $2 million of standby equity capital over five years to 31 July 2029.
As part of the deal, the set-off shares reduce the 2.59 million collateral shares that Acuity Capital is otherwise required to return to Heavy Minerals upon termination of the ATM.
The set-off shares have a deemed price of $0.31 per share, representing a 6.9% discount to the 15-trading day volume weighted average price of $0.333 to 24 July 2025.
Heavy Minerals is an Australian industrial mineral explorer focused on its projects considered prospective for garnet, zircon, rutile, and ilmenite.
Write to Aaliyah Rogan at Mining.com.au
Images: Heavy Minerals
