Mineral Commodities Ltd entitlement offer results

Mineral Commodities Ltd (ASX: $MRC) has successfully completed the pro-rata accelerated non-renounceable entitlement offer, raising a total of $8,790,500. The offer, which was announced in the prospectus dated 26 October 2023, involved issuing 1 fully paid ordinary share for every 1.38 shares held at an issue price of $0.03 per share.

Executive commentary on the entitlement offer results

With the successful completion of the entitlement offer, Mineral Commodities Ltd is well-positioned to fortify its balance sheet and provide immediate working capital support. The additional funds raised will also facilitate capital investment aimed at enhancing the company's profitability and increasing the value of its battery metals projects. The Board of MRC has approved this announcement.

Summary of Mineral Commodities Ltd entitlement offer outcomes

Mineral Commodities Ltd (ASX: $MRC) has raised AUD$8,790,500 through the entitlement offer, strengthening its financial position. The company's immediate focus is to utilize the raised capital for working capital support and capital investment to enhance profitability and the value of its battery metals projects. With the successful closure of the retail offer and the commencement of trading for the new shares, MRC is poised to advance its corporate strategy and capitalize on the growing demand for sustainably manufactured lithium-ion batteries.