Sovereign Metals Limited (ASX:SVM) Completes A$40 Million Placement
Placement Details
Sovereign Metals Limited has successfully raised A$40 million through the placement of 47,058,824 new fully paid ordinary shares at an issue price of A$0.85 per share. The placement was strongly supported by new and existing shareholders, including large global institutional investors.
Use of Proceeds
The proceeds from the placement will be allocated to development activities at the Kasiya Rutile-Graphite Project in Malawi, including permitting, studies, general working capital, and other corporate purposes. The issue price represents a 12.8% discount to the last closing price and an 8.1% discount to the 15-day volume weighted average price.
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