Following its demerger from Alkane Resources and the listing of its shares on the ASX in July 2020, the company can now focus on its critical materials.
Australian Strategic Materials directors show confidence in metals technology strategy by entitlement offer participation
The company has completed a pro-rata non-renounceable entitlement offer for proceeds of almost $27 million in addition to a recent $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) directors have demonstrated their confidence in the company’s rare earth metals technology strategy by participating in a one for 14 pro-rata non-renounceable entitlement offer.
This entitlement offer raised more than $26.9 million and took the company s capital raising to almost $92 million after a placement to institutional and sophisticated investors brought in $65 million.
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.