Cyprium Metals Limited (ASX:CYM) Launches A$3M Entitlement Offer
Entitlement Offer Details
Cyprium Metals Limited (ASX: CYM) has announced a non-renounceable entitlement offer aiming to raise approximately A$3 million. Eligible shareholders will receive one new fully paid ordinary share for every 16 existing shares held as of 30 December 2024, priced at $0.028 per share. Each subscription will also include one unquoted new option for every two new shares issued.
Use of Proceeds
The proceeds from the entitlement offer will be allocated towards various operational aspects, including site costs at Nifty, permit support, development study preparation, geology work, and financing costs associated with existing debt facilities. This initiative is crucial for sustaining the company’s strategic direction and operational continuity.
Executive Comments
“Cyprium has had a transformational 2024, hitting important technical and financial milestones,” said Matt Fifield, Executive Chair of Cyprium Metals. He added that the entitlement offer provides an opportunity for all shareholders to invest under the same terms as institutional subscribers from a recent placement.
Offer Timeline
The entitlement offer is not underwritten, and shareholders can expect important upcoming dates, including the opening of the offer on 3 January 2025, with the closing date set for 3 February 2025. Key terms and conditions are detailed in the prospectus lodged with the Australian Securities and Investments Commission.
About Cyprium Metals
Cyprium Metals is an Australian copper company focused on the Nifty Copper Complex, which boasts significant reserves. The move towards the entitlement offer signifies their commitment to advancing growth initiatives in the copper sector.
Motley Fool contributor Lianne Eastty 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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