Larvotto Resources (ASX:LRV) signed a binding underwriting agreement with Aitken Mount Partners, Blue Ocean Equities, and Canaccord Genuity to ensure receipt of roughly AU$4.5 million from the exercise of 14.9 million options, according to a Monday filing with the Australian bourse.

The options were issued in line with Larvotto Resources' initial public offering in late 2021. The options have a strike price of AU$0.30 and will expire on Dec. 1.

Proceeds will support the mining company's flagship Hillgrove gold-antimony project in New South Wales.

Larvotto Resources' shares tumbled 12% in recent trade.