Alma Metals (ASX:ALM) has completed its share purchase plan announced on Nov. 26, raising $1.9 million through the issue of 321,261,732 new fully paid ordinary shares at 0.6 cents per share.
In addition, the company's major shareholder, Lowell Resources Fund, subscribed for a further 33,333,333 shares under the SPP shortfall, contributing $200,000 and maintaining its interest in the company at approximately 9.5%.
The total proceeds of $2.1 million will primarily fund a new drilling program at the Briggs Copper Project, scheduled to commence in March 2026.
The program aims to expand and upgrade the existing resource, building on recent positive drilling results and supporting the company’s ongoing transition towards a prefeasibility study.
Alma Metals also issued 6,527,650 shares to a drilling contractor and 6,500,000 shares to a marketing consultant in lieu of cash payments for services, bringing the total shares on issue to 2,234,831,389.