29Metals Secures AU$150 Million Through Fully Underwritten Entitlement Offer

MT Newswires Live

01/20

29Metals (ASX:29M) launched a fully underwritten, accelerated 1-for-3.7 entitlement offer to raise AU$150 million, according to a Tuesday filing with the Australian bourse.

The company will issue around 375 million new shares at AU$0.40 each, representing a nearly 27% discount to the stock's 30-day volume-weighted average price.

The offer includes both an accelerated institutional component and a retail component, per the filing.

Substantial holders BUMA and AustralianSuper have committed AU$29.2 million and AU$26.8 million, respectively. If there is a shortfall in the offer, BUMA will purchase any excess entitlements, which could raise its stake in the company to 25.8%, the filing said.

The funds will be used for working capital to address the impact of seismicity at Xantho Extended in Western Australia, support ongoing investment in Gossan Valley in Western Australia, and advance the restart of Capricorn Copper in Queensland, the filing added.

Trading in the company's shares is halted.

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