Evolution Energy Minerals Limited to Raise AU$4.0 million via Two-Tranche Placement

Evolution Energy Minerals Limited (ASX: EV1) has recently secured commitments for a two-tranche placement to raise approximately AU$4.0 million. This placement will involve the issuance of 100 million fully paid ordinary shares (New Shares) to institutional, sophisticated, and professional investors at a price of AU$0.04 per New Share. One of the key highlights of this placement is the participation of ARCH Sustainable Resources Fund LP, a significant shareholder, who will be investing approximately AU$1.3 million to hold 25% post-raise, subject to shareholder approval. Additionally, the Company's directors have also shown their commitment by subscribing for 2.5 million shares for proceeds of AU$0.1 million, subject to shareholder approval.

Approximately 43.2 million New Shares will be issued immediately using the Company’s existing placement capacity under ASX Listing Rule 7.1/7.1A. The remaining approximately 56.8 million New Shares are subject to shareholder approval, with a Notice of Meeting expected to be released shortly for a meeting anticipated to occur in late-July 2024.

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