Cyprium to raise A$26m for copper projects

30th June 2022 By: Tasneem Bulbulia - Senior Contributing Editor Online

ASX-listed Cyprium Metals has announced a capital raising via a placement and a pro rata nonā€renounceable rights issue to raise up to A$26-million before costs.

The company has received firm commitments in respect of a placement to issue about 139.1-million new shares at 11.5c each to raise A$16-million from sophisticated and institutional investors.

Moreover, Cyprium has announced a non-renounceable pro rata entitlement offer at the offer price of one new share for every eight shares currently held by eligible shareholders to raise up to A$10-million.

The funds raised will place Cyprium in a strong financial position to continue progressing the development of the Nifty copper project.

Further, the equity raise supports recently announced A$50-million offtake prepayment facility with Glencore.

Advanced discussions are also continuing with senior debt counterparties.

“The board is very appreciative of the strong support shown from current shareholders and is pleased to welcome a number of new investors to the register.

“Cyprium has made significant advances in the past 15 months both in terms of increasing the mineral resource estimate but also particularly in the areas of SX/EW and infrastructure refurbishment, government approvals and metallurgical optimisation.

“With the completion of this capital raising, Cyprium will be able to continue to advance the senior debt financing, with the finalisation of the funding package enabling our construction plans and the production of copper metal plate on site in the second half of 2023,” comments MD Barry Cahill.