Join our daily newsletter At The Bell to receive exclusive market insights
- Cyprium Metals (CYM) launches a $26 million capital raise program to help fund the development of its Nifty copper project in Western Australia’s Pilbara
- The company will raise $16 million through a share placement under which it will issue 139.1 million new shares at 11.5 cents
- This price tag represents a 19.6 per cent discount to Cyprium’s ten-day weighted volume average price (VWAP)
- In addition, the company is seeking to raise a further $10 million through a non-renounceable entitlement offer at the same price as the placement
- Shares in Cyprium Metals are down 28.12 per cent to 12 cents per share at 12:23 pm AEST
Cyprium Metals (CYM) has launched a $26 million capital raise program to help fund the development of its Nifty copper project in Western Australia’s Pilbara.
The company said it had received firm commitments for a share placement, under which it will raise $16 million by issuing 139.1 million new shares.
The shares will be issued at 11.5 cents each, representing a 19.6 per cent discount to Cyprium’s ten-day weighted volume average price (VWAP).
In addition, the company has sought to raise a further $10 million through a non-renounceable entitlement offer.
This will allow eligible shareholders to subscribe for one new share for every eight held at the same price as the placement.
The funds will be directed towards restarting the Nifty copper project to produce a stable supply of copper metal at 25,000 tonnes per annum.
Cyprium Managing Director Barry Cahill said he was pleased to see support from current and new shareholders.
“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,” he said.
Shares in Cyprium Metals were down 28.12 per cent to 12 cents per share at 12:23 pm AEST
