Pursuit Minerals Raises $4.46M, Eyes $2.54M More with Shareholder Nod
Pursuit Minerals has successfully completed the first tranche of a $7 million placement, issuing nearly 47 million shares at 9.5 cents each, with a second tranche and incentive options pending shareholder approval.
- Completed first tranche of placement raising $4.46 million
- Second tranche of $2.54 million subject to shareholder approval
- Proposed issuance of 14.7 million options to lead manager PAC Partners
- Unlisted options to directors and officers also pending approval
- 141,465 unlisted options exercised into fully paid shares
Capital Raise Progress
Pursuit Minerals Limited (ASX, PUR) has taken a significant step forward in bolstering its financial position by completing the first tranche of a placement that raised $4.46 million. The company issued 46,947,370 fully paid ordinary shares at an issue price of $0.095 each, utilising its existing placement capacity under ASX Listing Rules. This injection of capital is aimed at supporting the company’s ongoing exploration and development activities.
The placement is structured in two tranches, with the second tranche valued at $2.54 million awaiting shareholder approval at an upcoming General Meeting expected in March 2026. This staged approach allows Pursuit to secure immediate funding while providing shareholders with a say on the remaining issuance, maintaining a balance between capital needs and shareholder interests.
Incentive Options and Management Participation
Alongside the capital raising, Pursuit plans to issue unlisted options under its Incentive Plan to key directors and officers, subject to shareholder approval. Notably, Managing Director and CEO Aaron Revelle is set to receive 5 million options, while other board members and officers are allocated between 2 and 3 million options each. This move aligns management’s interests with shareholder value creation, incentivising performance and long-term commitment.
Additionally, PAC Partners Securities Pty Ltd, the lead manager of the placement, is proposed to receive 14,736,842 new options exercisable at $0.1425 within two years. This represents 20% of the total shares issued under both tranches of the placement and complements a 6% cash fee for their role in managing the capital raise. The issuance of these options is also contingent on shareholder approval, reflecting governance standards and transparency.
Option Exercises and Compliance
In a related development, Pursuit has received notices for the exercise of 141,465 unlisted options at $0.09 each, which have now been converted into fully paid ordinary shares. This incremental increase in share capital reflects ongoing shareholder engagement and confidence in the company’s prospects.
The company has provided the necessary Section 708A cleansing notice under the Corporations Act 2001, confirming compliance with continuous disclosure obligations and regulatory requirements. This ensures that the shares issued under the placement can be freely traded without additional disclosure, supporting liquidity and investor confidence.
Looking Ahead
While the successful completion of the first tranche is a positive milestone, the ultimate impact on Pursuit’s capital structure will depend on the forthcoming General Meeting outcomes. Shareholder approval for the second tranche and the proposed options issuance will be critical in determining the company’s funding runway and incentive alignment. Investors will be watching closely to assess dilution effects and the strategic deployment of the raised capital.
Bottom Line?
Pursuit Minerals’ capital raise and incentive plans set the stage for its next growth phase, pending shareholder endorsement.
Questions in the middle?
- Will shareholders approve the second tranche and options issuance at the upcoming meeting?
- How will the new capital be allocated across Pursuit’s exploration projects?
- What impact will the options issuance have on share dilution and future earnings per share?
