Just the Facts: Cyprium Metals launches $3 million entitlement offer to close ‘transformative’ year
23/12/2024
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Proactive’s Tylah Tully breaks down ‘Just the Facts’ of the latest news from Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF).
The company plans to conclude 2024 with a $3 million non-renounceable entitlement offer following a two-tranche placement that raised approximately $13.5 million.
The entitlement offer provides one new share for every 16 existing shares held as of December 30, 2024, priced at $0.028 per share, along with one unquoted option for every two new shares subscribed.
Up to 106.98 million new shares and 53.49 million options may be issued.
The funds will support the restart of the Nifty Copper Mine in Western Australia and will be used for site costs, permitting support, definitive feasibility study preparations, tenement maintenance, geological work and financing obligations tied to Cyprium’s MLX convertible notes and Glencore facility.
Combined with the placement and surplus equipment sales, the company expects to generate $23 million in gross proceeds, ensuring financial stability to advance its plans.
The company highlighted 2024 as a "transformational year," achieving key technical and financial milestones.
The entitlement offer allows all shareholders to invest on the same terms as insider and institutional subscribers.
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