PERTH (miningweekly.com) – Triple listed Jervois Global has completed the retail component of its $25-million fully underwritten 1-for-3.34 accelerated non-renounceable entitlement offer, raising A$17.2-million.
Some 285-million new shares will be issued under the retail entitlement offer, priced at 6c a share.
Along with the institutional component of the entitlement offer, the company has now raised A$37.4-million, or $25-million.
In addition to the entitlement offer, the company is hoping to raise a further $25-million through the issue of convertible notes, and this week issued the first tranche of $19.9-million of these notes.
The capital raising will support Jervois’ refocused strategy to respond to historic low cobalt prices, including the continued implementation and delivery of its turnaround operation in Finland, a focus on strategic partnerships to position the company for expected re-rating on cobalt price recovery, and increased cooperation on critical mineral supply chain security with its host governments.