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29Metals opens retail entitlement offer

6th September 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The retail entitlement offer for ASX-listed 29Metals' A$151-million capital raise has opened.

The company at the end of August announced the 1-for-2.2 accelerated non-renounceable entitlement offer, priced at 69c a share. The company is expected to issue 219.1-million shares, representing around 45.5% of the current issued capital.

29Metals has already completed the institutional component of the entitlement offer, raising A$122-million, with eligible institutional shareholders subscribing for around 97% of their entitlements.

The retail entitlement offer will close on September 25.

Funds raised will be used to fully fund the Capricorn Copper recovery plan and near-term capital projects at Golden Grove.

The company earlier this year launched Phase 1 of the restart operations, which saw the restart of mining activities at the Mammoth and Greenstone deposits.

Phase 2 of the restart strategy will focus on the Esperanza South operation, with dewatering and rehabilitation efforts at the mine to be undertaken during Phase 1 to enable full recovery operations during Phase 2.

Edited by Creamer Media Reporter

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