Capital Metals PLC Subscription to Raise GBP626,520 (9129V)
December 06 2023 - 8:37AM
UK Regulatory
TIDMCMET
RNS Number : 9129V
Capital Metals PLC
06 December 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
6 December 2023
Capital Metals PLC
("Capital Metals" or the "Company")
Subscription to Raise GBP626,520 to Accelerate Mine Construction
Planning
Capital Metals (AIM: CMET), a mineral sands company approaching
mine development stage at the high-grade Eastern Minerals Project
in Sri Lanka (the "Project"), is pleased to announce it has raised
GBP626,520 (approximately A$1.2 million) through a direct
subscription for 14,741,647 new ordinary shares (the
"Subscription") at an issue price of 4.25p.
The vast majority of the investment in the Subscription is from
an existing Australian shareholder holding over 5% of the Company's
current issued share capital, with the balance being provided by
one other investor. Both had indicated a desire to inject capital
to strengthen the Company's position, thereby enabling an
acceleration of mine construction planning activities, while
progressing positively towards the creation of a Joint Venture with
LB Group to unlock the funding for the total capital expenditure
for the Project.
Priority Project workstreams include hiring additional people
and consultants, accelerating the process to obtain additional
Industrial Mining Licences, and pre-mining resource definition
work.
The Subscription has been conducted directly between the Company
and the two investors, falling within the share capital authorities
granted at the last Annual General Meeting.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for
admission of the 14,741,647 shares (the "Subscription Shares") to
trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings in the Subscription Shares will
commence at 8.00 a.m. on or around 12 December 2023.
The Subscription Shares will be issued fully paid and will rank
pari passu in all respects with the Company's existing Ordinary
Shares.
Following Admission, the total number of Ordinary Shares in the
capital of the Company in issue will be 293,988,245 with voting
rights. This figure may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the Company's share capital pursuant to (i) the Company's
Articles, (ii) the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules and/or (iii) the AIM Rules for
Companies issued by the London Stock Exchange plc as amended from
time to time.
For further information, please contact:
Capital Metals plc Via Vigo Consulting
Greg Martyr (Executive Chairman)
Vigo Consulting (Investor Relations) +44 (0)20 7390 0234
Ben Simons / Peter Jacob capitalmetals@vigoconsulting.com
SPARK Advisory Partners (Nominated
Adviser)
Neil Baldwin / James Keeshan +44 (0)20 3368 3554
Tavira Financial
Jonathan Evans / Oliver Stansfield +44 (0)20 7100 5100
About Capital Metals
Capital Metals is a UK company listed on the London Stock
Exchange (AIM: CMET). We are developing the Eastern Minerals
Project in Sri Lanka, approximately 220km east of Colombo,
containing industrial minerals including ilmenite, rutile, zircon,
and garnet. The Project is one of the highest-grade mineral sands
projects globally, with potential for further grade and resource
expansion. In 2022, a third-party Preliminary Economic Assessment
provided a Project NPV of US$155-235m based on existing resources,
with further identified optimisation potential. We are committed to
applying modern mining practices and bringing significant positive
benefits to Sri Lanka and the local community. We expect over 300
direct new jobs to be created and over US$130m in direct government
royalties and taxes to be paid.
Visit our website:
www.capitalmetals.com
Follow us on social media:
Twitter: @MetalsCapital
LinkedIn: @Capital Metals plc
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this announ
cement.
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