Successful capital raising by 29Metals

29Metals (ASX:29M) has raised approximately $154 million through an institutional placement and entitlement offer. The offer was priced at $0.27 per share, reflecting a 16% discount to TERP and a 27% discount to the last closing price. The funds will aid the Gossan Valley project, Capricorn Copper's water efforts, and general capital purposes. Settlement is expected by 11 December 2024, with trading starting on 12 December 2024. A retail offer aiming to raise A$26 million will follow.

Overview and future plans for 29Metals

29Metals has successfully raised $154 million through an institutional placement and entitlement offer, with a share price set at a 16% discount to TERP. The capital will be directed towards the development of the Gossan Valley project, water reduction initiatives at Capricorn Copper, and general working capital. A retail entitlement offer is scheduled to raise an additional A$26 million. This strategic move is aimed at enhancing the company's project developments and operational efficiency, with new shares expected to trade from 12 December 2024. 29Metals is committed to advancing its goals with the support of its investors.

CEO's insights on capital raising

James Palmer expressed satisfaction with the support from investors. Emphasized the importance of the equity raising in resetting the balance sheet and funding key projects.