Advance Metals

Successful Capital Raising to Accelerate Exploration at the High Grade Myrtleford Project

Advance Metals Limited (“Advance” or “the Company”) is pleased to announce the successful completion of a capital raising initiative to fully fund a follow-up exploration program at the Myrtleford Project in Victoria. The Company has secured firm commitments to raise $2.55 million (before costs) through a single-tranche Placement to institutional and sophisticated investors. Evolution Capital acted as Lead Manager for the raising, with significant backing from key existing AVM shareholders.


The raising follows recent exceptional gold results from the Company’s maiden drilling program at Happy Valley, including an intersection of 7.5 metres at 47.Gg/t gold in AMD003 (see ASX AVM 17 April 2025). Further assay results are currently pending for the fourth hole completed at Happy Valley, along with two additional holes now completed in the Twist Creek area to the north. The placement will also support upcoming exploration at the Company’s high grade projects in Mexico, with a maiden drilling program set to commence in the coming week at the Yoquivo Silver-Gold Project in Chihuahua.

Placement details:

  • Total funds raised: $2.55 million
  • Placement price: $0.050 per share
  • Total new shares to be issued: 51,000,000 under Listing Rule 7.1 and 7.1A
  • Attaching options: 1-for-3 listed options (AVMO), exercisable at $0.05 per option and expiring on 31 May 2029, subject to shareholder approval
  • The issue price of $0.050 per new share represents a:
    • 10.7% discount to the last closing price of $0.056 per share
    • 2.5% discount to the 15-day VWAP of $0.0513
  • Share issue date: Shares will be issued indicatively on Thursday 8th May 2025
  • Advance’s Managing Director Dr Adam McKinnon will also subscribe for $25,000 of shares as a part of the placement, subject to shareholder approval

Placement structure:

  • All shares will be issued in a single tranche using AVM’s existing placement capacity, comprising 30,000,000 Shares under ASX Listing Rule 7.1 and 21,000,000 Shares under Listing Rule 7.1A.
  • The Placement shares will be cleansed via a cleansing prospectus to facilitate secondary trading
  • All attaching options and the share issue to the Managing Director will be subject to shareholder approval

Use of funds

  • Follow-up diamond drilling at the Happy Valley Prospect and further regional exploration and target generation across the Myrtleford and Beaufort Projects in Victoria
  • Support and extension of the Company’s planned programs in Mexico, including the maiden drilling at the Yoquivo Silver-Gold Project set to commence in the coming week
  • General working capital

Fees

  • The Placement was led by Evolution Capital who will receive a fee of up to 6% for funds raised as a part of the placement
  • Evolution Capital will also be entitled to 3.5 million AVMO options, subject to shareholder approval

Commenting on the Placement, Managing Director Dr Adam McKinnon said:

“We welcome new institutional and sophisticated investors to AVM and acknowledge the ongoing support of existing shareholders, including several of our large holders who participated in the Placement. This raising initiative gives us the ability to simultaneously progress follow-up exploration at Myrtleford and high impact drilling at Yoquivo. With the Company now fully funded, I look forward to seeing the value in our Projects in both Australia and Mexico rapidly unlocked in the near-term.”


Click here for the full ASX Release

This article includes content from Advance 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.

The Conversation (0)
Maritime Resources Announces an up to $10 Million Best Efforts Private Placement Financing

Maritime Resources Announces an up to $10 Million Best Efforts Private Placement Financing

Maritime Resources Corp. (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. ("Paradigm") as lead agent and sole bookrunner, for and on behalf of a syndicate of agents (collectively, the "Agents"), in connection with a proposed best efforts private placement offering (the "Offering") of up to 8,850,000 common shares in the capital of Maritime (the "Offered Securities") to be issued at $1.13 per Offered Security (the "Issue Price") for gross proceeds of up to $10,000,500.

The Company will also grant the Agents an option (the "Agents' Option") to sell up to an additional 1,327,500 Offered Securities at the Issue Price for additional gross proceeds of up to $1,500,075, exercisable in whole or in part by the Agents at any time 48 hours prior to the Closing Date (as defined herein).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Wooden blocks spelling "M&A" on a computer keyboard.

Tudor to Acquire American Creek in Latest Gold M&A Deal

Tudor Gold (TSXV:TUD,OTC Pink:TDRRF) has signed a definitive agreement to acquire American Creek Resources (TSXV:AMK,OTCQB:ACKRF) in an all-share transaction, marking a consolidation in BC's Golden Triangle.

Under the deal, dated Wednesday (June 25), each American Creek shareholder will receive 0.238 shares of Tudor for each share held, effectively giving Tudor an 80 percent ownership stake in the Treaty Creek project — one of Canada’s largest undeveloped gold-copper porphyry systems. American Creek previously held a fully carried 20 percent interest.

"Our acquisition of American Creek increases our interest to 80 percent in the Treaty Creek Project, which hosts one of the largest gold discoveries in Canada with excellent potential for expansion and additional gold-copper discoveries, at a reasonable per ounce of gold equivalent cost," said Joe Ovsenek, Tudor Gold president and CEO, in a press release.

Keep reading...Show less
Gold bars in stacks.

Top 7 ASX Gold ETFs in 2025

The price of gold reached record highs in 2025, driven by global economic uncertainty stemming from shifting US trade policy and escalating geopolitical tensions in the Middle East.

For many investors, gold is a tool for diversification. The precious metal is known for its ability to act as a safe haven and hence operates as a protective option when building a balanced portfolio.

Gold exchange-traded funds (ETFs) give investors a relatively easy way to get exposure to physical gold without having to worry about the extra hassle of buying and storing the metal — not to mention insuring it. Gold ETFs can also track a basket of gold-focused stocks, allowing investors to spread risk instead of betting on individual companies.

Keep reading...Show less
Equity Metals Drilling Underway on the Silver Queen Ag-Au Property, British Columbia

Equity Metals Drilling Underway on the Silver Queen Ag-Au Property, British Columbia

Equity Metals Corporation (TSXV: EQTY) ("Equity" or the "Company") reports that drilling is underway on the 100% owned 18,871 ha Silver Queen Property, northern British Columbia. Four holes totaling 1,422 metres of the planned 18 hole, 6,000 metre 2025 drill program have been completed to date, with the current holes testing down-dip of higher-grade mineralized intercepts from the 2024 drilling (see Figure 2 and 2024 highlights below). Subsequent drilling will continue testing along strike, up to 400 metres laterally to the northwest. Drill core is being logged and sampled for analyses with assays anticipated in the coming weeks.

The 2025 drill program is a continuation of drilling completed in Q4/24, which successfully confirmed both the grade and tenor of mineralization beneath historical underground workings beyond the northwestern end of No. 3 resource blocks. Drilling at that time extended the projection of the No. 3 Vein for 400 metres strike-length and to over 250 metres depth below surface. Mineralization remains open both laterally and at depth, and expanding projections of that mineralization is the target of the current 2025 drill program on the property.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×