Heavy Minerals (ASX:HVY) has used its at-the-market (ATM) subscription agreement with Acuity Capital to raise $175,000 through the set-off of 330,000 shares previously issued to Acuity.
The funds will be used for general working capital. The set-off shares have an issue price of $0.53 per share, representing a 3.64% discount to the closing price of $0.55 on 29 January 2026.
Acuity Capital helps Australian-listed companies access and manage capital via ATM solutions. ATM funding provides companies with an additional source of capital that is flexible and cost-effective.
The set-off shares will reduce the 945,000 Heavy Minerals collateral shares that Acuity is otherwise required to return to the company upon termination or maturity of the ATM.
Heavy Minerals recently executed a binding tailings processing agreement with Hillgrove Resources (ASX:HGO) for the extraction and sale of garnet from the Kanmantoo Copper Mine Tailings facility in South Australia.
As previously reported, both companies will develop an industrial waterjet cutting use of hardrock almandine garnet, after conducting extensive negotiations, sample testing, and study work.
Under the deal, Heavy Minerals will pay an initial $50,000 on execution of the agreement, which will be followed by a $150,000 exclusivity fee, subject to a final investment decision.
The company will also pay 15% of gross revenue for the life of existing copper-gold mining operations, 5% of gross revenue for the life tailings storage facility processing by Heavy, and a flat royalty of $25 per tonne of garnet sold.
Heavy Minerals is an Australian industrial minerals explorer focused on its projects considered prospective for garnet, zircon, rutile, and ilmenite.
Write to Aaliyah Rogan at Mining.com.au
Images: Heavy Minerals
