29Metals (ASX:29M) successfully completed the institutional component of its recently disclosed 1-for-3.66 accelerated non-renounceable entitlement offer, raising around AU$119 million, according to a Wednesday filing with the Australian bourse.

The new shares will rank equally with existing shares and start trading on Jan. 29, per the filing. Settlement is expected on Jan. 28.

The retail entitlement offer, targeting AU$31 million, will open on Jan. 28 and close on Feb. 11, providing eligible retail shareholders an opportunity to participate, 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, an earlier filing showed.

The company's shares tumbled around 33% in recent Wednesday trade.