Pivotal Metals

$2.5M Placement Completed

Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to advise it has received oversubscriptions and firm commitments for a $2.5 million placement (Placement) at $0.016 per share, being a 5.6% discount to the 5 day VWAP. The offer was oversubscribed and scale backs were applied.


Highlights

  • Firm commitments for $2.5m Placement received, endorsing the value proposition in Pivotal’s 100% owned Quebec Cu-Ni-PGM projects.
  • Placement combined with existing cash to:
    • Redeem $1m of convertible notes, which were subject to either discounted conversion, or repayment by 14 March 2024.
    • Execute on 2024 exploration work program which includes 8,000 diamond drilling, geophysics, metallurgical testwork and a resource update.
    • Fully fund ‘non flow-through’ qualifying expenditure into 2025.
  • Introduction of new funds and a strategic high net worth investor.
  • All Directors participated in the Placement for a total scaled back allocation of $235k (subject to shareholder approval).

The Company was delighted to work with Morgans Financial Ltd as Lead Manager for the Placement, welcoming new interest in the Company’s assets and endeavours from its extensive client base.

Managing Director, Mr Fairhall said:

“This successful placement sets Pivotal up for an exciting 2024. Early repayment of the convertible note prevents the overhang of dilutive equity conversions, and the decision to replace that note with strong primary equity demand was a purposeful one. Allocation of the Placement was focussed on high-net-worth investors and long-term holders of the Company’s shares, to strengthen the Company’s position and register.

With a very strong balance sheet shareholders now enjoy a cleared path for extensive news flow through 2024, as Horden Lake is drilled and advanced for the first time in over a decade.

We remain very grateful to our loyal shareholders, particularly those that participated in the offer and warmly welcome our new shareholders.”

Catalysts and Work Program

The Company has commenced an extensive work program on its Canadian Cu-Ni-PGM projects, with the majority of focus on its 100% owned Horden Lake project, which already hosts a 28mt at 1.5% CuEq inferred and indicated resource1.

The Horden Lake exploration program is of particular importance, as it represents:

  • The first since Pivotal acquired Horden Lake in late-2022 from private ownership,
  • The first on the project in over 10 years; and
  • The first within an ASX listed company.

Key catalysts over the next 2-3 quarters are as follows:

  • 8,000m diamond drilling on Horden Lake, targeting grade and tonnage upside.
  • Downhole EM survey at Horden Lake, targeting massive sulphide extensions below open mineralisation.
  • Metallurgical testwork to optimise a flowsheet for maximum net smelter return from contained metals.
  • Horden Lake resource update.
  • Geophysics results from BAGB surveys recently completed, and ongoing interpretation and targeting.

Figure 1: Pivotal Metals work program and news flow timeline

Refer to the Company’s ASX announcement dated 3 October 2023 “Exploration and Development Work Program for Quebec Projects” for additional information.

Placement Details

As of the date of this release, the Company has received firm commitments to a raise $2.5m through the issuance of 156,250,000 new shares at $0.016/share; representing a 5.6% discount to the 5 day VWAP and 20% discount to the last traded share price on 23 November 2023.

The shares will be issued in two tranches. Tranche 1 will comprise the issuance of 132,187,500 shares which fall within the existing capacity under ASX Listing Rules 7.1 and 7.1A, approved at the Company’s AGM on 21 November 2023. Settlement of Tranche 1 is expected to take place on or around 4 December 2023, with allotment and quotation of new shares expected to occur on 5 December 2023.


Click here for the full ASX Release

This article includes content from Pivotal Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

PVT:AU
The Conversation (0)
Glowing periodic table detail highlighting nickel.

Nickel Price Update: Q1 2025 in Review

Nickel prices have largely trended down since breaking US$20,000 per metric ton in May 2024.

The decline has been attributed to refined nickel oversupply, driven by high output from Indonesia, which mined an estimated 2.2 million metric tons of nickel in 2024 and accounted for more than 50 percent of global output.

The threat of US tariffs has also weighed heavily on markets that are reliant on nickel and its downstream products, such as the stainless steel and electric vehicle battery industries.

These factors pushed nickel to five year lows in the US$15,000 range in Q1.

Keep reading...Show less
FPX Nickel (TSXV:FPX)

FPX Nickel


Keep reading...Show less
Diagonal rows of nickel rolls.

Top 3 ASX Nickel Stocks of 2025

With its diverse applications in both technology and industry, nickel is a metal that will never go out of style.

Nickel is commonly used in alloys to create stainless steel, but more recently has found a modern use: batteries. As the electric vehicle trend gains steam, the base metal is in high demand for its role in lithium-ion batteries.

Nickel has encountered much volatility in the past few years. After spiking to record highs in 2022, the nickel price has been on a downward trend on oversupply from top-producing country Indonesia and economic uncertainty dampening demand.

Tariffs could further disrupt the nickel market going forward, but whether that's to the upside or the downside remains to be seen.

Against that backdrop, some Australian nickel companies are still making moves. Here the Investing News Network has listed the top nickel stocks on the ASX by year-to-date gains. Data was gathered using TradingView's stock screener on April 9, 2025, and all companies had market caps above AU$5 million at that time. Read on to learn more about them.

Keep reading...Show less

Latest Press Releases

Related News

×