AVZ Minerals Limited announced a private placement of 307,692,308 common shares at an issue price of AUD 0.13 per share for gross proceeds of AUD 40,000,000 from on July 2, 2021. The transaction included participation from sophisticated, professional and institutional investors and high-quality institutions from Australia and North America, and includes a European-based physical energy commodities merchant. The transaction was issued a 18.8% discount to the closing price on 29 June 2021. The transaction was oversubscribed by AUD 10 million. The transaction is expected to close on July 7, 2021.