Larvotto Resources Limited acquires Hillgrove Gold and Antimony Project in significant development

Larvotto Resources Limited (ASX: LRV) has entered a binding agreement with the Administrators of former ASX-listed Red River Resources Limited, securing the acquisition of Hillgrove Mine Pty Ltd and its prospective Hillgrove Gold and Antimony Project in New South Wales, Australia. This strategic move grants Larvotto access to a high-grade JORC 1.4 million ounces AuEq1 Resource at a remarkable purchase price below AU$6 per ounce, a substantial discount compared to market rates.

Larvotto plans an AU$7.6 million share issue to fund the acquisition, including an AU$4.9 million Placement and AU$2.5 million shares issuance to Trafigura, pending shareholder approval. Notably, GAGE Capital Management Co Ltd will invest AU$2.9 million, securing a 19.9% stake, and Trafigura Pte Ltd will hold a 15% ownership stake post-acquisition. The Capital Raise will be managed jointly by Canaccord Genuity (Australia) Limited and Aitken Mount Capital Partners Pty Ltd.

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