HIGHLIGHTS
- Firm commitments received for a Placement to raise
- Additional pro rata non-renounceable entitlement offer to raise up to
o 1 new share for every 8 held on the record date at
o Offer will be open to all eligible Cyprium shareholders
- Funds raised will place Cyprium in a strong financial position to continue progressing the development of the
- Equity raise supports recently announced
- Advanced discussions are continuing with Senior Debt counterparties
Managing Director
"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."
The Company has received firm commitments in respect of a placement to issue approximately 139.1 million new shares (Placement Shares) at
The Company is also pleased to announce a non-renounceable pro rata entitlement offer at the Offer Price of one (1) new share for every eight (8) shares currently held by eligible shareholders to raise up to
The new shares to be issued under the Entitlement Offer will be issued at the same price as the Placement Shares.
Use of Funds
The Placement and Entitlement Offer proceeds will be applied as part of the funding strategy to finance the restart of the
As announced on
Details of Placement
Pursuant to the terms of the Placement, the Company has agreed to issue approximately 139.1 million Placement Shares in the Company at the Offer Price of
Subscribers for the Placement Shares will be entitled to participate in the Entitlement Offer.
Entitlement Offer
Under the Entitlement Offer, eligible shareholders will be able to subscribe for one (1) new ordinary share for every eight (8) existing fully paid ordinary shares held as at
The Offer Price represents a:
- 28.1% discount to last close on
- 19.6% discount to the 10-day VWAP up to and including
- 23.9% discount to the 15-day VWAP up to an including
- 25.8% discount to the theoretical ex-rights issue price (TERP) to last close on
Cyprium will release a prospectus detailing the terms of the Entitlement Offer shortly, including details as to whether shareholders are eligible to participate in the Entitlement Offer and key risks (Prospectus). The Prospectus will include a personalised entitlement and acceptance form which will provide further details of how to participate in the Entitlement Offer.
Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up.
The Entitlement Offer will include a top up facility under which eligible shareholders who take up their full entitlement will have the opportunity to apply for additional shares from a pool of those not taken up by other eligible shareholders (Top Up Facility). In addition to the Top Up Facility, there will also be a general shortfall offer pursuant to which the Company may place any shares to non-eligible shareholders within three (3) months from the closing date of the Entitlement Offer.
Eligible shareholders should read the Prospectus carefully before making any investment decision regarding the Entitlement Offer. If you are in any doubt about the Entitlement Offer, you should consult your financial or other professional adviser.
*To view the capital structure post placement, please visit:
https://abnnewswire.net/lnk/009WA5D2
About
Contact:
Executive Director
T: +61 8 6374 1550
Chief Financial Officer
and Company Secretary
Investor and Media Relations
E: lexi@janemorganmanagement.com.au
T: +61 404 577 076
E: info@cypriummetals.com
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