Altamin Raises $6.46M in Accelerated Entitlement Offer, Excludes Some Foreign Shareholders

Capital Raise to Support Exploration Ambitions

Altamin Limited (ASX, AZI) has announced a significant capital raising initiative through a 45 for 100 pro-rata accelerated non-renounceable entitlement offer, aiming to raise approximately $6.46 million before costs. The offer price is set at a modest $0.025 per new share, reflecting the company’s current valuation and market conditions.

The primary purpose of the funds is to advance exploration activities at Altamin’s Lazio Project, a key asset in its portfolio, while also ensuring the Gorno Project remains in good standing. These projects are central to Altamin’s growth strategy in the mining exploration sector, with Lazio representing a promising opportunity for resource development.

Selective Shareholder Participation

Notably, the entitlement offer excludes shareholders located outside a defined group of countries, Australia, Italy, Japan, Mauritania, New Zealand, Singapore, Slovakia, and the United Kingdom. This exclusion is driven by a combination of regulatory, logistical, and cost considerations, which the company deemed unreasonable to overcome for smaller shareholder groups in other jurisdictions.

Shareholders deemed ineligible will not receive the offer booklet nor be able to subscribe for new shares. Instead, a nominated entity, Euroz Hartleys Limited, will sell the entitlements on their behalf and distribute the net proceeds. However, there is no guarantee that these sales will yield proceeds, introducing an element of uncertainty for those shareholders.

Non-Underwritten and Without Prospectus

The offer is not underwritten, meaning Altamin bears the risk that not all shares will be subscribed. It is also conducted without a prospectus, leveraging ASIC relief provisions designed to streamline capital raising for companies like Altamin. This approach reduces administrative burdens and costs but places greater emphasis on shareholder engagement and market appetite.

The institutional component of the entitlement offer has already closed, with results announced on 23 September 2025. The retail offer is expected to conclude by 8 October 2025, with new shares issued on 13 October 2025, subject to subscription levels.

Implications for Shareholders and Market

For eligible shareholders, this offer represents an opportunity to increase their stake at a discounted price, potentially benefiting from future project successes. Conversely, ineligible shareholders face dilution unless they receive proceeds from the sale of their entitlements. The lack of underwriting and the selective eligibility criteria introduce some risk and uncertainty around the final capital raised and shareholder composition.

Altamin’s management, including Finance Director Stephen Hills and CEO Geraint Harris, emphasize the strategic importance of this capital raise in advancing exploration and maintaining key projects. Investors will be watching closely to see how the funds are deployed and the impact on Altamin’s operational progress and share price.