Base Metals
Posted By OrePulse
Published: 26 Mar, 2025 11:57
Sovereign raises A$40m for Malawi project development
Aim- and ASX-listed Sovereign Metals has received firm commitments for a placement of 47.06-million new fully paid ordinary shares to raise gross proceeds of A$40-million before costs, for development activities at its Kasiya rutile graphite project, in Malawi.
The funds will be used for permitting studies, general working capital and other corporate purposes.
The placement was strongly supported by new and existing shareholders, including large global institutional investors, the company points out.
Petra Capital acted as sole lead manager and sole bookrunner.
The placement is expected to settle on April 1, and the company will issue the new shares on or about April 2.
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