Business
Subscription to Raise £626,520
Subscription to Raise £626,520.
About this update from Capital Metals Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n6 December 2023\n \nCapital Metals PLC\n \n(\"Capital Metals\" or the \"Company\")\n \nSubscription to Raise £626,520 to Accelerate Mine Construction Planning\n \nCapital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (the \"Project\"), is pleased to announce it has raised £626,520 (approximately A$1.2 million) through a direct subscription for 14,741,647 new ordinary shares (the \"Subscription\") at an issue price of 4.25p.\n \nThe vast majority of the investment in the Subscription is from an existing Australian shareholder holding over 5% of the Company's current issued share capital, with the balance being provided by one other investor. Both had indicated a desire to inject capital to strengthen the Company's position, thereby enabling an acceleration of mine construction planning activities, while progressing positively towards the creation of a Joint Venture with LB Group to unlock the funding for the total capital expenditure for the Project.\n \nPriority Project workstreams include hiring additional people and consultants, accelerating the process to obtain additional Industrial Mining Licences, and pre-mining resource definition work.\n \nThe Subscription has been conducted directly between the Company and the two investors, falling within the share capital authorities granted at the last Annual General Meeting.\n \nAdmission and Total Voting Rights\n \nApplication will be made to the London Stock Exchange for admission of the 14,741,647 shares (the \"Subscription Shares\") to trading on AIM (\"Admission\"). It is expected that Admission will become effective and dealings in the Subscription Shares will commence at 8.00 a.m. on or around 12 December 2023.\n \nThe Subscription Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.\n \nFollowing Admission, the...