29Metals completes key fundraising stage

29Metals (ASX:29M) has successfully completed the retail component of its 1 for 1.43 accelerated non-renounceable entitlement offer. The retail offer closed on December 19, 2024, raising approximately $26 million. This marks the final phase of the company’s fundraising, amassing a total of $154 million.

Retail entitlement offer and future outlook

29Metals has concluded its retail entitlement offer, raising $26 million by issuing new shares at $0.27 each. This was part of a broader fundraising initiative, including an earlier institutional placement, totaling $154 million. The offer was fully underwritten, ensuring all shares were sold, with the settlement and allotment of the new shares scheduled for late December 2024. This fundraising supports 29Metals' strategic goals, strengthening its financial position to pursue future growth opportunities. The company's reliance on underwriting highlights the importance of market conditions and shareholder engagement. Trading of the new shares is set to commence on December 30, 2024.

Executive commentary on successful completion

The completion of the retail entitlement offer marks a significant milestone in our fundraising strategy. The support from retail and institutional investors demonstrates confidence in our business and strategic direction. We are now well-positioned to advance our growth initiatives.