Metals X to Raise Interest in Elementos to 19.98% via AU$5 Million Strategic Private Placement

MT Newswires Live
05/19

Metals X (ASX:MLX) invested AU$5 million in Elementos (ASX:ELT) through a strategic private placement, according to a Monday filing with the Australian bourse.

Under the placement, Elementos will issue around 59 million new fully paid ordinary shares at a price of AU$0.0848 each, which is effectively equal to the closing price on May 16, per the filing.

Proceeds will fund the development of Elementos' Oropesa tin project in Spain towards final investment decision, as well as the redevelopment of the Cleveland tin project in Tasmania, the filing stated.

Following the completion of the placement, Metals X will hold roughly 19.98% of Elementos' shares on issue. Settlement is expected on or around May 23.

Metals X's shares were down over 2% in recent trade.

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