Altamin secures funds for Gorno and Lazio projects

Altamin (ASX:AZI) has completed its accelerated institutional entitlement offer, securing approximately $2.1 million.

The milestone was achieved with strong backing from its major shareholder, VBS, affirming the company's strategic direction.

The entitlement offer, priced at $0.024 per new share, allows existing shareholders to purchase four new shares for every five held.

The proceeds will primarily fund the sale process of the Gorno Project and advance the Lazio Project while also supporting other initiatives like the Punta Corna cobalt and Corchia copper projects.

Altamin's Interim Managing Director, Stephen Hills, said, "We would like to extend our appreciation to Victor Smorgon Group for showing its support by VBS subscribing for $2.1 million, which represents a strong vote of confidence in the company’s future direction."

The retail component of the offer is set to open on Nov. 7, giving eligible shareholders the opportunity to participate.

The proceeds may be adjusted depending on the advancement of the Gorno Project's sale or the acquisition of a mining licence.

All shares are scheduled for settlement by Nov. 5, with trading to commence on Nov. 6.

Altamin shares will resume trading on the ASX on Nov. 1.

Altamin is a mineral company focused on base and critical metals exploration and brownfield mine development in Italy. The company operates through two segments: Vedra JV and other exploration.

At the time of reporting, Altamin’s share price was $0.023.