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Odessa Minerals Limited (ASX:ODE)

ALERT: Price-sensitive ASX Announcement for ODE
Current share price for ODE : $0.023 -0.001 (-4.17%)+
Announcement
Release
6 May 2026 9:39AM
Price at Release
$0.024
Full Release
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Summary
Odessa Minerals Limited announced a successful A$2.65 million placement, with firm commitments at a price of A$0.02 per share, supported by existing shareholders. The placement will be executed in two tranches, the first of which involves issuing 109,800,000 shares for approximately A$2.2 million, using their existing capacity without shareholder approval. The second tranche, subject to shareholder approval, will issue up to 22,700,000 shares to directors, raising an additional A$454,000. The funds will be directed towards evaluating project opportunities and general working capital. Additionally, Odessa announced the appointment of Sam Brooks as a new Non-Executive Director. The placement price reflects a discount to both the last traded price and the recent VWAP. Key dates include settlement for Tranche 1 on May 13, 2026, and a shareholder meeting in November 2026.
Key Points
  • Odessa Minerals Limited receives firm commitments for a $2.65 million placement at $0.02 per share.
  • The placement is supported by existing shareholders and is planned in two tranches.
  • Proceeds from the placement will be used for assessing project opportunities and working capital.
  • The first tranche will issue 109,800,000 shares raising approximately $2.2 million, not requiring shareholder approval.
  • The second tranche involves issuing up to 22,700,000 shares to directors, raising an additional $454,000, pending shareholder approval.
  • Sam Brooks is appointed as Non-Executive Director, replacing Tom Bahen.
  • The issue price is a 16.7% discount to the last traded price and a 10.3% discount to the 15-day VWAP.
  • Timeline includes settlement of Tranche 1 on May 13, 2026, and the annual meeting in November 2026.
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.