Neometals (ASX / AIM: NMT)
Intends to undertake a capital raising by way of a placement of new fully paid ordinary shares to sophisticated, professional and institutional investors to raise approximately A$7.0 million and a non-renounceable entitlement issue of New Shares to eligible shareholders in Australia and New Zealand to raise up to approximately A$13 million.
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| Neometals | ASX / AIM : NMT |
| Stage | Production + development |
| Metals | Titanium + Vanadium + lithium + nickel |
| Market cap | A$138 m @ A$0.25 |
| Location | Western Australia, Germany, Finland, USA |
Neometals Launches Placement and Entitlement Offer
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Neometals Ltd (ASX: NMT & AIM: NMT) (“NMT”or “the Company”) announces that it intends to undertake a capital raising by way of:
• a placement of new fully paid ordinary shares (New Shares) to sophisticated, professional and institutional investors to raise approximately A$7.0 million (before costs) (Placement); and
• a non-renounceable entitlement issue of New Shares to eligible shareholders in Australia and New Zealand (Eligible Shareholders) to raise up to approximately A$13 million (before costs)
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Neometals Managing Director Chris Reed commented:
“We have not raised equity capital for 11 years and welcome new investors to join the register as well as those existing shareholders topping up their holdings.
“Not only will the Placement and Entitlement Offer allow us to bridge finance ahead of more material revenues to the Primobius JV, it also allows us to bolster what has historically been a retail dominated register.”
Placement
NMT proposes to raise approximately A$7.0 million under the Placement at a price of A$0.19 per New Share (Offer Price), which will be a total of approximately 36.8 million New Shares, that will be issued in accordance with NMT’s ASX Listing Rule 7.1 placement capacity.
New Shares issued under the Placement will rank equally with existing NMT ordinary shares from their date of issue. The Offer Price represents a discount of:
• 24.0% to the Company’s last closing price on 20 November 2023 of A$0.250; and
• 26.1% to the 5-day volume weighted average price of A$0.257.
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To read the full news release please click HERE
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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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Disclosure
At the time of writing the author holds no shares in Neometals
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