Octava Minerals Raises $1.5 Million to Advance Exploration Activities

Highlights:

• Octava raises $457,500 in Tranche 1 of its $1.5 million placement.
• Proceeds to support exploration and due diligence at Federation Project.
• Tranche 2 and 25 million free options pending shareholder approval.

Strategic Funding Initiative Underway

Octava Minerals Limited (ASX: OCT) has successfully completed the first tranche of its capital raise initiative aimed at generating $1.5 million to fuel exploration and due diligence activities at its Federation Copper-Zinc-Silver Project. At the time of writing, the company confirmed that $457,500 was secured through the issue of 15,250,007 fully paid ordinary shares priced at $0.03 each. This first tranche of the placement attracted strong backing from sophisticated and professional investors, reflecting market confidence in Octava’s project pipeline and exploration strategy.

Shareholder Participation and Option Incentives

Investors participating in the placement will receive one free unlisted option for every two shares subscribed, subject to shareholder approval. These options will be exercisable at $0.08 and valid for three years from issuance.

The structure of the placement involves:

• Tranche 1: Conducted under ASX Listing Rules 7.1 and 7.1A, comprising the total initial 15.25 million shares.
• Tranche 2: A follow-up issue of 34,749,993 shares, contingent on shareholder approval at an upcoming General Meeting.
• A total of 25 million attaching options will also be issued, pending the same approval process.

Use of Proceeds and Broker Arrangement

Funds raised will be used to maintain exploration timelines and begin due diligence at the Federation Project. The company has also allocated funds for geological assessments, drilling preparation, and working capital. A 6% brokerage fee applies to the placement, alongside 6 million advisor options with a 3-year term at an exercise price of $0.08, also subject to shareholder consent.

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