Overview of Advance Metals' capital raising announcement

Advance Metals Limited (ASX: $AVM) has successfully secured $1.8 million in capital through binding commitments from professional and sophisticated investors. The funds raised will support the company's exploration activities at the Augustus and Garnet Skarn projects, as well as the pursuit of new projects in the clean energy sector. All existing AVM shareholders will have the opportunity to participate in the capital raising on the same terms as the Placement via a Fully Underwritten Non-Renounceable Entitlement Offer.

Executive commentary on the capital raising

Geoff Hill, Non-Executive Chairman, expressed his excitement about the strategic adviser, PAC Partners, and the potential for the funds to enhance the development of the Augustus Project and Garnet Skarn Project. He highlighted the significance of the raised funds in upgrading the JORC exploration targets at Augustus and advancing the Garnet Skarn Project. Additionally, he emphasized the value of adding new team members to strengthen the company's access to capital markets and focus on delivering financial returns for shareholders.

Summary of Advance Metals' capital raising and future plans

Advance Metals Limited has successfully raised $1.8 million, which will be utilized for exploration at the Augustus and Garnet Skarn Projects, as well as the evaluation of new projects in the clean energy space. The company aims to upgrade its JORC exploration targets at Augustus and continue the development of the Garnet Skarn Project with the raised funds. The capital will also facilitate better access to capital markets and a stronger focus on delivering financial returns for shareholders. Advance Metals' forward-looking approach involves maximizing shareholder value through the acquisition, discovery, and advancement of high-quality metals projects, aligning with its commitment to enhancing shareholder value.