29Metals (ASX:29M) completed the retail portion of its fully underwritten 1-for-3.66 accelerated non-renounceable entitlement offer, raising around AU$31 million at AU$0.40 per share, according to a Tuesday filing with the Australian bourse.

The retail entitlement offer closed on Feb. 11 with 55.5 million new shares applied for, representing a 71% take-up, and is scheduled to settle on Tuesday with shares expected to be allotted on Wednesday, per the filing.

The completion of the retail entitlement offer marks the final stage of the fully underwritten entitlement offer, following the institutional component, which closed on Jan. 20 and raised around AU$119 million, the filing added.

The company's shares fell around 1% in recent Tuesday trade.