Sovereign Metals Ltd on Monday said its shares in Australia will continue to be voluntarily halted as it confirmed it plans to raise funds.
The Malawi-focused mine explorer and developer said it plans to raise A$40 million, around £19.44 million, via placing shares at 85 Australian cents each.
Shares in Sydney last traded at 98 Australian cents each, meaning the offer is a 13% discount.
The funds raised will be used for development costs at the Kasiya rutile graphite project in Malawi, including permitting, studies and other costs and working capital and offer costs.
Sovereign Metals shares will continue to be voluntarily halted on the Australian Securities Exchange until either the announcement of the results of the capital raising, or until Wednesday at the opening of trade.
Sovereign Metals shares fell 9.6% to 43.40 pence each on late Monday morning in London.
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