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Jervois completes A$313m capital raise

30th August 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Dual-listed Jervois Global has closed the retail component of its entitlement offer, raising A$178-million.

Jervois in July announced a A$313-million equity raise comprising an A$87-million institutional placement and a A$226-million 1-for-1.56 accelerated prorate non-renounceable entitlement offer to fund the acquisition of Finland-based Freeport Cobalt for $160-million and the development of its Idaho Cobalt Operations (ICO), in the US.

The company on Monday said that applications for more than 116.1-million new shares were received from eligible retail shareholders, for A$51.1-million in gross cash proceeds, representing an overall uptake of some 29%.

It is expected that the near 288-million new shares not taken up in the retail entitlement offer would be allotted to the sub-underwriters of the retail entitlement offer.

Following completion of the equity raising and acquisition of Freeport Cobalt, Jervois will be a global leader in refined cobalt production with an expanded shareholder base exposed to significant value creation potential possible through the technical and commercial synergies present with its existing assets.

Edited by Creamer Media Reporter

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