By Reuters Staff
2 Min Read
(Reuters) - Miner Australian Strategic Materials said on Monday it had secured a A$200 million ($151.68 million) loan to develop its flagship Dubbo rare earths project in New South Wales, as demand for critical and rare earth metals surged worldwide.
The rare earths producer secured the funding from Export Finance Australia (EFA) for the construction of the project which will produce metals such as zirconium and niobium considered crucial for the economy and rare earth metals including neodymium and praseodymium.
“The critical metals we will produce from the Dubbo Project are all in high demand for a suite of modern industrial applications, including energy efficient technologies, electric vehicles,” Managing Director David Woodall said in a statement.
Australian Strategic Materials Ltd (ASX:ASM) (OTCMKTS:ASMMF) has conditional finance support from Export Finance Australia (EFA) to secure A$200 million of.
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.
2021-04-26 by Proactive Australia
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.
The company received applications from eligible shareholders for 5,608,145 new shares at A$4.80 per share in the offer, representing an approximate 65.23% take-up.
Change of director interests
On April 23, non-executive chairman Ian Gandel acquired a total of 2,105,611 million shares in the offer in two separate indirect interests for combined value of more than $10.1 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.