Lodgement of Prospectus
Perth, Aug 14, 2023 AEST (ABN Newswire) - Cyprium Metals Ltd (ASX:CYM) is pleased to advise that it has lodged a prospectus (Prospectus) with ASIC and ASX in respect of a proposed pro-rata non-renounceable entitlement issue to raise up to additional $5,000,000 (Entitlement Offer). Together with the funds to be raised under the conditional placement to sophisticated and professional investors (as previously announced) (Placement), the Company is seeking to raise up $29,000,000.
Under the terms of the Entitlement Offer, eligible shareholders registered on the record date of 5pm (WST) on 18 August 2023 (Record Date) will be eligible to apply for 1 fully paid ordinary share in the capital of the Company (Share) for every 5.84 Shares held at the Record Date, at an issue price of $0.04 per Share, together with 1 free attaching New Option for every 2 Shares applied for. The New Options will be exercisable at $0.06 each on or before 31 December 2024. The Prospectus also contains several secondary offers which will permit on-sale of securities to be issued in conjunction with the Placement and Entitlement Offer.
The Company intends to to despatch the Prospectus on 23 August 2023, in accordance with the timetable included in the Prospectus. The Company intends to issue all securities pursuant to the shortfall offer made under the Prospectus shortly after close of the Entitlement Offer and, in any event, prior to reinstatement of the Company's securities to ASX.
As previously announced and upon completion of the Placement and Entitlement Offer, the Company believes that it will be in a position to satisfy the ASX conditions for reinstatement to quotation.
About Cyprium Metals Ltd
Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.
Cyprium Metals Ltd