A range of mining companies announced capital raises for the week ending Friday (25 July), including Larvotto Resources (ASX:LRV), which has raised $60 million through a two-tranche placement.
The company issued 88.2 million shares at $0.68 per share, representing a 6.2% discount to its last closing price on 22 July and 13.5% discount to the five-day volume weighted average program (VWAP).
Tranche one raised $41.9 million through 61.6 million shares, with second tranche to raise the remaining $18.1 million through 26.6 million shares after gaining shareholder approval at an upcoming general meeting scheduled for late August.
Aitken Mount Capital Partners and Blue Ocean Equities acted as the joint lead managers for this placement.
In conjunction with this offer, Larvotto is running a share purchase plan to raise another $5 million at the same issue price.
Up to $30,000 worth of shares is on offer to existing shareholders, expected to open on 28 July before closing 15 August.
Funds will be used to aid the development of the Hillgrove Project in New South Wales to produce its first ore during Q2 2026.
Meanwhile, Strike Energy (ASX:STX) has closed the first tranche of its placement with Carnarvon Energy (ASX:CVN), raising $52 million through the issue of 430 million shares at $0.12.
Carnavron is eligible to earn up to a 19.9% shareholding in Strike for up to $89 million worth in shares.
The company intends to raise another $10 million from a share purchase plan, as well as completing the second tranche following its general meeting in mid-September.
Funding sees Strike delivering a 85 megawatt gas-fired peaking power station by October 2026, while also extending the life of its Walyering Project and progressing its West Erregulla Project towards a final investment decision.
Mithril Silver and Gold (ASX:MTH) raised C$11.5 million ($12.79 million) through its private placement of 31.94 million shares at C$0.36 per share.
Ventum Financial acted as the sole bookrunner and lead agent, with Arlington Group Asset Management, Raymond James, and Cormack Securities also acting as agents.
Agents were eligible to subscribe for 4.16 million shares at the same issue price, which has been fully exercised and represents 15% of the total shares offered.
Mithril intends to use funds to advance its Copalquin Project, located in Durango State, Mexico.
Finally, Octava Minerals (ASX:OCT) has retained commitments to raise $1.5 million through its two-tranche placement.
The company intends to issue around 50 million shares at $0.03 per share, representing a 25% discount to the last closing price as well as a 19% discount to the 15-day VWAP.
Tranche one will offer 15.25 million shares, where the second tranche will issue the remaining 34.75 million shares following shareholder approval at an upcoming general meeting.
Octava is also offering a free attaching option, at an exercise price of $0.08, for every two shares subscribed. Options will expire three years from the issue date.
Funds will be used to aid exploration at the Federation Project in Western Tasmania, which is held by Magnes 25 and is under a binding agreement for Octava to acquire 100% shares in.
Write to Maddison Elliott at Mining.com.au
Images: Larvotto Resources
