Shaw and Partners has been appointed as Joint Lead Manager and Bookrunner to the proposed capital raising by Evolution Energy Minerals Limited (ASX.EV1).

The company is seeking to raise A$4.0 million by issuing approximately 101.2 million new ordinary fully paid Shares in the Company by way of a two-tranche institutional comprising: an unconditional placement of approximately 65.3 million new shares, raising A$2.6 million in accordance with ASX Listing Rule 7.1 and 7.1A (Tranche 1); and a conditional placement of approximately 35.9 million New Shares, raising A$1.4 million, subject to shareholder approval.

New shares will be issued at a price of A$0.04 per New Share (“Offer Price”). The Offer represents: a 2.4% discount to last close of A$0.0412; a 5.2% discount to the 5-day VWAP of A$0.0422; a 15.6% discount to the 10-day VWAP of A$0.0472 and a 27.0% discount to the 30-day VWAP of A$0.0552.

Evolution Energy Minerals is a mineral exploration company focused on developing its Chilalo Graphite Project in southern Tanzania and downstream processing of value-added graphite products.

The offer is available to Australian Sophisticated and Professional Investors only.