Develop completes first part of raising
PERTH (miningweekly.com) – ASX-listed Develop has raised A$40.9-million of its A$50-million target announced earlier this week, having completed its share placement and the institutional component of its entitlement offer.
The company on Wednesday said that A$30-million had been raised under the placement, which was priced at A$3.20 a share, while a further A$10.9-million had been raised in the institutional component of the 1-for-29 entitlement offer.
The retail component of the entitlement offer will open on July 1 and is expected to raise a further A$9.1-million.
The capital raise was announced along with Develop’s plans to acquire junior lithium and gold explorer Essential Metals. The two companies this week entered into a binding scheme of implementation deed under which Develop would acquire Essential, offering shareholders one new Develop share for every 6.18 Essential shares held.
The offer values Essential at around A$152.6-million, and placed a value of 56c a share on Essential’s share price. This implied a premium of 34.9% to Essential’s last closing price and a 30.8% premium to the company’s 20-day volume weighted average share price.
“The feedback from institutional and retail investors in respect to the Essential deal and capital raising was extremely positive,” said Develop MD Bill Beament.
“The proposal offers Essential shareholders a robust premium while giving them ongoing exposure to the Pioneer Dome lithium project as well as Develop’s other energy transition metals assets and world-class operational/mining team.
“The proceeds of the capital raising will ensure we can maximise the opportunities across these outstanding assets, all of which are in tier-one locations, in a highly effective and timely manner.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Virtual Gas Network supplies compressed natural gas via a virtual gas distribution network.
VISIT SHOWROOM
Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
