Cyprium Metals (ASX:CYM) Announces A$13.5M Placement
Placement Commitments
Cyprium Metals Limited (ASX: CYM) has secured commitments to raise A$13.5 million via a two-tranche placement at an issue price of A$0.028 per share. The placement includes support from cornerstone investor Flat Footed L.L.C., contributing A$5.3 million, alongside commitments from existing shareholders and CYM directors.
Executive Insights
Executive Chair Matt Fifield expressed confidence in the capital raise, stating, “It has been a very productive 2024. The Company had strong support from shareholders to complete this important capital raise, positioning the Company for another great year in 2025.” He also noted plans to advance the redevelopment of the Nifty Copper Complex in early 2025.
Use of Proceeds
Funds raised will be allocated towards site costs at Nifty, preparation for development, geology work, and overall working capital purposes.
Future Offer Plans
Cyprium Metals plans a retail entitlement offer to eligible shareholders, matching the terms of the placement. Further details and the documentation for this offer are expected to be announced soon. The company anticipates holding an extraordinary general meeting in January 2025 for shareholder approvals regarding the placement.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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