Heavy Minerals Launches Capital Raising for Port Gregory PFS

Heavy Minerals Limited (ASX: HVY) announces a capital raising through a non-underwritten share purchase plan (SPP), aiming to raise up to $750,000. The funds will support various initiatives, including completing the Port Gregory Pre-Feasibility Study, permitting activities for the Port Gregory Project, additional works at Red Hill and other exploration targets, SPP costs, and general working capital.

Eligible shareholders can purchase up to $30,000 worth of new shares without incurring additional costs. The SPP offer period opens on February 21, 2024, and closes on March 6, 2024. If oversubscribed, directors may scale back applications. New shares will rank equally with existing ones. The timeline includes despatch of the SPP Offer Booklet, application for quotation of new shares, and commencement of trading. Proceeds are crucial for advancing key projects and sustaining operational needs.

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