Suvo Strategic Minerals announces to raise AU$2.0 million via placement

Suvo Strategic Minerals Limited (ASX: SUV) announced that it had received firm commitments to raise AU$2.0 million via placement. The placement includes the issue of approx. 50 million fully paid ordinary shares at an issue price of AU$0.04 per new share. The issue price denotes a 14.9% discount to the 15-day volume weighted average price and a 13.0% discount to the last traded price.

In addition to the placement, the participants would also receive a 1 for 4 free attaching unquoted option with an exercise price of AU$0.10 and expiring on 06 December 2025. Proceeds from the placement will be used to allow the company to advance studies relating to the development of supporting infrastructure, which will facilitate the possible development of a range of new premium products, such as metakaolin, and for general working capital requirements.

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