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Just one day after 29Metals launched a fully underwritten entitlement offer to raise $151 million, the miner has completed the institutional component of the offer.

Eligible existing institutional shareholders have subscribed for approximately 97 per cent of their entitlements and new shares not taken up by institutional shareholders have been fully allocated to eligible institutional investors with all shares being allocated to existing shareholders.

“We are very pleased with the level of support shown by our existing shareholders for the institutional entitlement offer and the strong interest shown by other prospective institutional investors,” managing director and chief executive officer Peter Albert said.

“The strong demand from existing shareholders has resulted in new shares only being allocated to existing shareholders.

“Proceeds from the offer will strengthen 29Metals’ financial position, ensure that the ongoing Capricorn copper recovery plan is fully funded, de-risk the balance sheet and position the company to progress near-term growth initiatives.”

In announcing the funding yesterday, Albert said that the funds are expected to go toward the Capricorn copper mine recovery plan and near-term Golden Grove capital projects.

“We are pleased that the Capricorn copper recovery plan continues to progress, with dewatering and rehabilitation expected to enable targeted full recovery of operations by mid 2024,” he said.

“In the near term, the company is focused on current water reduction measures as well as addressing tailings storage solutions to support operations.

“In the medium term, the company intends to deliver on the tremendous exploration potential at existing orebodies.”