Skylark Minerals Ltd (ASX: SKM) has secured firm commitments to raise A$10 million via a conditional two-tranche equity placement priced at A$0.18 per share. The capital raise is primarily intended to support the acquisition and advancement of a portfolio of gold exploration assets in Côte d’Ivoire, marking a strategic shift to a West Africa–focused growth story.
The company has entered into a binding share purchase agreement and two option agreements with Ricca Resources Ltd to acquire a package of advanced gold exploration projects in Côte d’Ivoire for total consideration of about A$6 million.
Completion of the deal is subject to several conditions, including Ricca shareholder approval at an extraordinary general meeting scheduled for December 11, 2025. Once completed, Skylark will gain control of the Zaranou and Maphai gold projects, providing immediate exploration scale and a defined project pipeline.
Use of funds: Drilling-led growth strategy
Placement proceeds will be directed towards an accelerated 2026 work program across the newly acquired assets.
At Zaranou, Skylark plans reverse circulation and diamond drilling aimed at defining and expanding mineralised zones.
At Maphai, the focus will initially be on soil sampling and geological mapping to refine targets ahead of follow-up drilling.
A portion of the funds is also earmarked for assessing additional gold acquisition opportunities in West Africa and for general working capital.
Placement structure and pricing
The A$10 million placement will be conducted at A$0.18 per share, representing a 5.3% discount to Skylark’s last traded price of A$0.19 on November 19, 2025. It will comprise approximately 55.6 million new fully paid ordinary shares issued in two tranches.
- Tranche 1: About A$3.2 million via 17.6 million new shares, to be issued. This tranche remains conditional on Ricca shareholder approval of the acquisition.
- Tranche 2: About A$6.8 million via 37.8 million new shares, subject to both Ricca shareholder approval and Skylark shareholder approval at an extraordinary general meeting anticipated in early January 2026.
Board participation and capital structure impact
Directors Nikolai Zelenski, Michael Jardine and Danny Segman have collectively committed to subscribe for A$600,000 of the placement, subject to shareholder approval.
Following completion of the placement and acquisition, Skylark will have 125.9 million shares on issue, implying an undiluted market capitalisation of about A$22.7 million at the offer price.
After transaction costs, pro-forma cash is expected to be around A$9.4 million, equating to an implied undiluted enterprise value of about A$13.3 million.