Metals Acquisition specialises in operating and acquiring metals and mining businesses. Credit: Maksim Safaniuk/Shutterstock.

Metals Acquisition has secured A$150m ($103m) in firm commitments from a global investor group within and outside Australia.

The funds, raised through an oversubscribed placement of 8.33 million new CHESS Depository Interests (CDIs) at A$18 each, will strengthen the company’s financial position following the mid-2023 acquisition of the CSA copper mine from Glencore.

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The capital raise provides Metals Acquisition with the necessary resources to optimise its balance sheet and reduce leverage.

Additionally, it affords the company greater flexibility to explore strategic growth opportunities.

The placement’s proceeds, combined with existing cash reserves, will facilitate the early retirement of an existing mezzanine debt facility, contingent on obtaining the necessary consents.

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The issue price for the placement was set at a 13% discount to the closing price of CDIs on the Australian Securities Exchange (ASX), which was A$20.70, as well as the five-day volume weighted average price as of 8 October 2024.

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Barrenjoey Markets served as the sole lead manager and bookrunner for the placement, with Sternship Advisers acting as co-manager. Gilbert + Tobin provided legal advice to Metals Acquisition.

In October last year, Metals Acquisition signed subscription agreements with several current and new accredited investors to sell a total of 1,827,096 ordinary shares, raising around $20m through a private placement.

The company had then stated that it aimed to expedite exploration drilling and mine development at the CSA copper mine with the funds raised.