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The latest announcement is out from 29metals Ltd. ( (AU:29M) ).
29Metals has successfully completed the institutional component of its underwritten 1-for-3.66 accelerated non-renounceable entitlement offer, raising approximately A$119 million at A$0.40 per share, a significant discount to recent trading prices. The offer was strongly supported, with eligible institutional shareholders (excluding EMR Capital) taking up about 92% of their entitlements and the balance allocated to other institutional investors, and the new shares will rank equally with existing stock when they begin trading later in January as the company’s shares resume trading on the ASX. A complementary retail entitlement offer targeting a further c.A$31 million will open on 28 January for eligible Australian and New Zealand shareholders, though the non-renounceable structure means investors who do not participate will be diluted, underlining the raise’s role in shoring up 29Metals’ capital base to fund strategic growth initiatives, including advancing Gossan Valley, the Capricorn Copper restart feasibility study and broader exploration across its portfolio.
The most recent analyst rating on (AU:29M) stock is a Buy with a A$0.67 price target. To see the full list of analyst forecasts on 29metals Ltd. stock, see the AU:29M Stock Forecast page.
More about 29metals Ltd.
29Metals Limited is an Australian-based resources company listed on the ASX that operates in the metals and mining sector, with a portfolio of copper-focused assets and associated growth and exploration projects, including Gossan Valley and Capricorn Copper.
Average Trading Volume: 3,692,429
Technical Sentiment Signal: Buy
Current Market Cap: A$830.3M
For an in-depth examination of 29M stock, go to TipRanks’ Overview page.