ASX-listed AVZ Minerals has announced it is offering a Share Purchase Plan to raise a minimum of A$5 million to advance its Manono Lithium and Tin Project in the DRC.
The Share Purchase Plan (SPP) will afford the Company’s Eligible Shareholders the opportunity to participate and support their Company.
The SPP will be underwritten to A$5 million by Patersons Securities which is acting as Lead Manager and Underwriter to the offer.
The New Shares will be issued at a 20% discount to the VWAP trading price over the 5 trading days before the date of issue of the New Shares and will only be offered to Eligible Shareholders free of brokerage and fees.
Funds raised will be used to fast-track pre-development activity such as the Definitive Feasibility Study including hydrogeological test-work, environmental studies, pit dewatering and for general working capital.
AVZ Managing Director Nigel Ferguson says:
“The Board acknowledges shareholders’ desire to support the Company’s progress and this capital raising has been conceived to reward existing shareholders by providing a cheaper method to support the company as well as certainty with regards to company progression.
“We look forward to providing further updates on Manono as we move towards completion of the definitive feasibility study.”