PERTH (miningweekly.com) – ASX-listed Hyperion Metals will raise A$24-million through a share placement to accelerate the scale-up and commercialisation of its Titan critical minerals project, in Tennessee.
The company on Tuesday announced that it would issue 20-million shares to institutional, sophisticated and professional investors at a price of A$1.20 each under its existing placement capacity.
The issue price represented a 6.3% discount to Hyperion’s last closing price, and a 2.1% premium to the company’s ten-day volume weighted average share price.
The placement was led by cornerstone investor Fidelity Management & Research Company.
“We are extremely pleased to welcome Fidelity as a key shareholder in Hyperion Metals, and for the outstanding support from institutional, sophisticated and professional investors,” said CEO and MD Anastasios Arima.
“Hyperion’s mission is to produce zero carbon, low-cost titanium metals and powders with an all-American, sustainable and fully traceable supply chain. The proceeds from the placement will allow us to accelerate our plans to become a leading zero carbon materials supplier to the aerospace, space, electric vehicle and defense sectors.”
Hyperion’s Titan mineral sands project is close to significant manufacturing capacity, providing a significant logistical advantage over current US supplies of imported titanium feedstock. Specifically, the project is some15 km from Chemours’ New Johnsonville pigment plant, one of the largest pigment plants globally and within a low-cost barge, truck or rail-served distance to all other major US titanium pigment and metal plants.