Cyprium Metals Limited (ASX: CYM)
Announced a capital raising via a placement and a pro rata non‐renounceable rights issue to raise up to approximately $26 million before costs.
The Company has received firm commitments in respect of a placement to issue approximately 139.1 million new shares at 11.5 cents each. […]
|A$62m @ 11c
|Pilbara, Western Australia
$16M Placement and $10M Entitlement Issue to Support Nifty Copper Project Development
Cyprium Metals Limited (ASX: CYM) (“CYM”, “Cyprium” or “the Company”) is pleased to announce a capital raising via a placement and a pro rata non‐renounceable rights issue to raise up to approximately $26 million before costs.
The Company has received firm commitments in respect of a placement to issue approximately 139.1 million new shares (Placement Shares) at 11.5 cents each (Offer Price) to raise $16 million (Placement) from sophisticated and institutional investors.
The Company is also pleased to announce a non-renounceable pro rata entitlement offer at the Offer Price of one (1) new share for every eight (8) shares currently held by eligible shareholders to raise up to $10 million (Entitlement Offer).
The new shares to be issued under the Entitlement Offer will be issued at the same price as the Placement Shares
• Firm commitments received for a Placement to raise $16M at 11.5 cents per share
• Additional pro rata non-renounceable entitlement offer to raise up to $10M
– 1 new share for every 8 held on the record date at 11.5 cents per share
– Offer will be open to all eligible Cyprium shareholders
• Funds raised will place Cyprium in a strong financial position to continue progressing
the development of the Nifty Copper Project
• Equity raise supports recently announced $50M Offtake Prepayment Facility with
• Advanced discussions are continuing with Senior Debt counterparties
Cyprium Metals management comments
“The Board is very appreciative of the strong support shown from current shareholders and is pleased to welcome a number of new investors to the register.
“Cyprium has made significant advances in the past 15 months both in terms of increasing the mineral resource estimate but also particularly in the areas of SX/EW and infrastructure refurbishment, government approvals and metallurgical optimisation.
“With the completion of this capital raising, Cyprium will be able to continue to advance the senior debt financing, with the finalisation of the funding package enabling our construction plans and the production of copper metal plate on site in the second half of 2023.”
Cyprium Metals Managing Director Barry Cahill
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