Australian Strategic Materials builds on strong momentum with $92 million capital raising
The company has completed a pro-rata non-renounceable entitlement offer for proceeds of almost $27 million in addition to a $65 million placement.
Funds will be used to advance the Korean Metals Plant as well as the Dubbo Project
Australian Strategic Materials Ltd (ASX:ASM) has taken its capital raising proceeds to almost $92 million after completing a pro-rata non-renounceable entitlement offer for proceeds of $26,919,096.
The company received applications from eligible shareholders for 5,608,145 new shares at A$4.80 per share, representing an approximate 65.23% take-up of the offer.
It follows a placement to institutional and sophisticated investors that was completed on April 6, 2021, raising $65 million.