Sovereign Metals Ltd on Wednesday said it has raised gross proceeds before costs of A$40 million, or $25.2 million, via a placing.
The Malawi-focused mine explorer and developer said it has received firm commitments for a placement of 47.1 million new shares at 85 Australian cents per share.
Sovereign Metals said the placement was ‘strongly supported’ by new and existing shareholders, including ‘large global institutional investors’.
The firm said proceeds will be used for development activities at the Kasiya rutile-graphite project in Malawi, including permitting and studies.
The placement is expected to settle on April 1, and Sovereign will issue the new shares on or around April 2.
Shares in Sovereign Metals were down 1.0% at 41.60 pence in London late on Wednesday afternoon.
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