Aim- and ASX-listed Sovereign Metals has secured firm commitments for a placement of 47.06 million new fully paid ordinary shares, raising gross proceeds of A$40 million before costs.
The funds will support development activities at the company’s Kasiya rutile graphite project in Malawi.
The capital will be allocated toward permitting studies, general working capital, and other corporate purposes.
The placement received strong support from both new and existing shareholders, including major global institutional investors, according to the company. Petra Capital served as the sole lead manager and bookrunner for the transaction.
The placement is expected to settle on April 1, with the new shares issued on or around April 2.
