- The Company to raise $2.3 million via the issue of 11 million ordinary shares at 21 cents per share to institutional and sophisticated investors
- Funds to be used for the Cue Copper Project exploration drilling programmes and metallurgical test-work, technical due diligence on further copper project opportunities and general working capital purposes
The Placement will be made to sophisticated and institutional clients of Ashanti Capital Pty Ltd ("Ashanti Capital").
Executive Director Barry Cahill commented: "We would like to thank the existing and incoming Cyprium Metals shareholders for their support in this over-subscribed capital raise. The Company is well funded to advance our Cue Copper Project drilling programmes and metallurgical testwork, while continuing to assess a range of opportunities in the Australian copper space."
The Company has received firm commitments under the Placement to raise approximately $2.3 million (before costs). Ashanti Capital is acting as the sole lead manager to the Placement.
Settlement of the Placement is scheduled for Thursday, 12 December 2019, with quotation of the Shares to occur on Friday, 13 December 2019. The Shares issued under the Placement will be by way of a single tranche and shall rank equally with existing ordinary shares in the Company.
About Cyprium Metals Ltd
Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.
Cyprium Metals Ltd