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BCI launches A$315m equity raising

1st February 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Australia-based resources company BCI Minerals on Thursday announced a A$315-million fully underwritten equity raising to complete the total funding package required to enable the Mardie project, in Western Australia, to deliver first salt in the second half of 2026.

The raising will comprise an accelerated nonrenounceable pro rata entitlement offer to raise A$255-million by way of issuing 1.02-billion fully paid shares, with each shareholder to be offered one new share for every 1.19094 BCI shares at A$0.25 a share.

A placement of new shares at the same price to sophisticated and professional investors will raise a further A$60-million in two tranches.

Major shareholders Wroxby and AustralianSuper have committed to taking up their full entitlements under the entitlement offer.

The net proceeds of the equity raising will supplement the A$981-million in project debt finance available for the ‘salt first’ portion of the Madie project under the syndicated facility agreement.

BCI plans to progress engineering towards a final decision on the sulphate of potash (SoP) circuit next year. The company plans to fund construction of the SoP circuit and ramp up through further debt and/or cash flow from salt production.

“We do not anticipate any further equity raises being required to fund the development of the project and we are grateful for the strong support shown by our largest shareholders, including Wroxby and AustralianSuper,” said MD David Boshoff.

Edited by Creamer Media Reporter

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