Client NewsSovereign Metals Limited: Institutional Placement to Raise $15m
Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) is pleased to announce it has secured commitments for A$15 million (gross proceeds) from UK, European and North American institutional investors to subscribe for 22,210,268 new ordinary shares of the Company at an issue price of A$0.67 plus a one-for-two unlisted option with an exercise price of A$0.80 and 12 month expiry (Placement).
Thematica Future Mobility UCITS Fund, a Luxembourg-based green energy fund with a strong emphasis on Critical Raw Materials and ESG, were the cornerstone participant in the well-supported Placement which will fund exploration and development activities at the Company’s flagship Kasiya Project (Kasiya).
Kasiya is the world’s largest natural rutile deposit and one of the largest natural graphite deposits globally underpinning its potential to be a major source of sustainable critical raw materials to contribute to decarbonisation and the energy transition. An enhanced Scoping Study for Kasiya is advancing and is expected to be completed by mid-2022.
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