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Adavale Resources Limited (ASX:ADD)

ALERT: Price-sensitive ASX Announcement for ADD
Current share price for ADD : $0.041 -0.015 (-26.79%)+
Announcement
Release
2 Feb 2026 9:22AM
Price at Release
$0.056
Full Release
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Summary
Adavale Resources Limited has successfully completed a strongly supported placement raising $5.15 million to advance the London Victoria Gold Mine. The funding was well-received by the company's cornerstone investor and major shareholders, who maintained or increased their stakes. The proceeds will be used for an expanded Phase 3 drilling campaign at the London Victoria site, building on promising results from earlier drilling phases. The placement involves issuing approximately 103 million fully paid ordinary shares in two tranches, with some subject to shareholder approval. Additionally, investors will receive options exercisable at $0.10 with expiration in December 2027. The funds will support both brownfields development and regional exploration aimed at resource growth, with a focus on the Parkes Gold and Copper Project.
Key Points
  • Successful placement raising $5.15 million.
  • Strong support from cornerstone investor and key shareholders.
  • Funding to advance London Victoria Gold Mine with Phase 3 drilling.
  • 103 million shares issued in two tranches, some pending shareholder approval.
  • Investors to receive options exercisable at $0.10, expiring December 2027.
  • Funds allocated to brownfields development and regional exploration.
  • Focus on resource growth and Parkes Gold and Copper Project.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.