AIvo Minerals Raises A$4.2M At Premium For Copper, Rare Earth Drilling In Brazil

Alvo Minerals Ltd (ASX: ALV) has completed a strategic A$4.1 million placement with prominent Brazilian private equity group Ore Investments.

Existing substantial shareholder Strata Investments joined in by investing A$125,000, raising a total of A$4.2 million.

Notably, the unbrokered placement was priced at A$0.175, representing a 17% premium to Alvo’s last closing price of A$0.15.

Copper and rare earth projects

Ore Investments is a prominent Brazilian natural resources private equity group with deep technical expertise.

Following the placement, Ore will hold a 19.9% interest in Alvo.

The proceeds from the placements will be used primarily for drill testing high-priority targets across the Palma Copper-Zinc Project in Brazil.

Alvo will also use the funds to advance the Bluebush and Ipora ionic clay rare earth element (REE) projects in Brazil.

Focus on drilling

Alvo Managing Director Rob Smakman said: “Following an extensive due diligence process, the investment is a testament to the hard work of our team and the exceptional exploration potential of our critical minerals’ projects.

“The funds will focus on drilling new prospects across the Palma Copper and Zinc Project as well as the Bluebush Ionic REE Project.”

Palma hosts a JORC 2012 inferred resource of 4.8 million tonnes at 1% copper, 3.9% zinc, 0.4% lead and 40g/t silver.

Upcoming news flow

  • FLEM and IP surveys on regional targets across Palma – ongoing
  • Geochemical sampling across known exploration prospects across Palma – ongoing
  • C4 deposit diamond drill results (Palma) – imminent
  • Results from Bluebush REE remaining auger and diamond drilling – imminent
  • Follow-up auger drilling at Bluebush REE Project – imminent

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