Cyprium Metals Limited (ASX:CYM) has confirmed it has undertaken a capital raising via a placement and a pro rata non‐renounceable rights issue to raise up to approximately A$26 million before costs.
The company has received firm commitments in respect of a placement to raise A$16 million (Placement) from sophisticated and institutional investors.
The company is also undertaking a non-renounceable pro rata entitlement offer to raise up to A$10 million.
“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,” Managing Director, Barry Cahill, said.
“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.”
Cyprium Metals has a highly credentialed management team that is experienced in successfully developing sulphide heap leach copper projects in challenging locations. The company’s strategy is to acquire, develop and operate mineral resource projects in Australia which are optimised by innovative processing solutions to produce copper metal on-site to maximise value.
Cyprium has projects in the Murchison and Paterson regions of Western Australia that is host to a number of base metals deposits with copper and gold mineralisation.
For further information please visit: https://cypriummetals.com/
