EV Resources Limited (ASX:EVR), a critical minerals exploration and development company focused on securing the North American antimony supply chain, has announced a significant corporate restructure and funding initiative. The company, rapidly transitioning to a near-term antimony producer, revealed plans for a A$1.52 million non-renounceable rights issue, a change in its senior management, and a proposed 10:1 consolidation of its capital. These strategic moves aim to strengthen EVR’s balance sheet and accelerate its antimony production pathway in Mexico.
The A$1.52 million non-renounceable rights issue will offer eligible shareholders one new share for every ten shares held, priced at A$0.005 per new share. For every new share subscribed, participants will receive one free-attaching option, exercisable at A$0.0075 and expiring on 31 August 2030. The first A$1 million of the raise is underwritten by Indian Ocean Securities Pty Ltd. Proceeds are earmarked for advancing EVR’s key Mexican antimony assets, including funding proof-of-concept and staged circuit commissioning at the Tecomatlán plant, securing initial high-grade ore from Chinantla, and bolstering working capital.
Concurrent with the capital raise, EV Resources announced a change in its management structure. Mr Mike Brown has stepped down as Managing Director and CEO. Mr Shane Menere will assume the role of Executive Chairman, bringing over 25 years of international mining experience, while Mr Miguel Barahona has been appointed Interim CEO, with more than 35 years of global mining expertise. Furthermore, the company intends to undertake a 10:1 consolidation of its issued capital, subject to shareholder approval. This consolidation is designed to optimise EVR’s capital structure and enhance its appeal to institutional investors as it progresses towards antimony production.
