PERTH (miningweekly.com) – The retail entitlement offer for ASX-listed 29Metals' A$151-million capital raise has opened.
The company at the end of August announced the 1-for-2.2 accelerated non-renounceable entitlement offer, priced at 69c a share. The company is expected to issue 219.1-million shares, representing around 45.5% of the current issued capital.
29Metals has already completed the institutional component of the entitlement offer, raising A$122-million, with eligible institutional shareholders subscribing for around 97% of their entitlements.
The retail entitlement offer will close on September 25.
Funds raised will be used to fully fund the Capricorn Copper recovery plan and near-term capital projects at Golden Grove.
The company earlier this year launched Phase 1 of the restart operations, which saw the restart of mining activities at the Mammoth and Greenstone deposits.
Phase 2 of the restart strategy will focus on the Esperanza South operation, with dewatering and rehabilitation efforts at the mine to be undertaken during Phase 1 to enable full recovery operations during Phase 2.