Elementos (ASX:ELT) said it issued 16,341,656 fully-paid ordinary shares, raising a total of around AU$2.9 million, following the exercise of AU$0.18 options to acquire shares, according to a Monday Australian bourse filing.

Its Chairman Andy Greig, Managing Director Joe David, and non-executive director Corey Nolan each exercised their full allocation of the options, contributing around AU$1.9 million. Seven of the top ten option holders also exercised their holdings, representing around 78% of all outstanding options.

The AU$0.18 options will lapse after Jan. 31, 2026, per the filing.