Larvotto Resources (ASX:LRV) has announced a successful $30m equity raising through the placement of 57.7 million new shares at $0.52 each. This two-tranche placement saw strong support from both existing and new institutional investors.
The funds, combined with $6.2m from a recently announced antimony prepayment facility and $8m from options conversion, bolster Larvotto’s ability to advance the Hillgrove gold-antimony project in 2025. Proceeds will support underground and surface exploration, the Hillgrove Definitive Feasibility Study (DFS), underground works, and the procurement of long-lead-time processing equipment.
Managing Director Ron Heeks emphasised the strategic importance of the project amid China’s recent ban on antimony exports to the US. “The strategic value of high-grade, western-world sourced antimony is highly significant,” he said. “This equity raising leaves Larvotto in a strong position to advance the Hillgrove project and intensify exploration activities.”
The first tranche of the placement, comprising 26.27 million shares, is scheduled for settlement on 12 December 2024. The second tranche, comprising 31.43 million shares, will be issued following an Extraordinary General Meeting (EGM) in late January 2025.
Shares are trading 7.56% lower at 55 cents.