Perth, Australia – 18 October 2024 | C29 Metals Limited (ASX: C29) ("C29" or "the Company") is pleased to announce the successful completion of a fully subscribed placement (the “Placement”), raising A$2.45 million (before costs) from sophisticated and professional investors. The funds raised will be directed towards the exploration of the Company’s Ulytau Uranium Project in Kazakhstan, as well as for working capital.
Highlights:
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A$2.45 Million Raised: The Company has received firm commitments to raise A$2.45 million through the issuance of 34,507,042 fully paid ordinary shares at an issue price of shares at A$0.071.
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Structure:
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20,952,179 Placement Shares will be issued under the Company’s Placement capacity, pursuant to Listing Rule 7.1.
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13,554,863 Placement Shares will be issued under the Company’s Placement capacity, pursuant to Listing Rule 7.1A.
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Pricing: The issue price represents a 0% discount to the last trading price of A$0.071 on the 15th of October 2024 and a 3% premium to the 15-day volume-weighted average price (VWAP) of A$0.069.
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Use of Funds: Proceeds from the Placement will fund exploration activities at the Ulytau Uranium Project and provide working capital for ongoing corporate operations.
Lead Manager & Broker Options:
C29 engaged ARQ Capital Pty Ltd as the Lead Manager for the Placement. The Lead Manager will receive a capital raising fee of 6% on the funds raised, a management fee of A$15,000, and 2.5 million options exercisable at A$0.115 (expiring on 12 December 2025, and subject to shareholder approval at the Company’s AGM).
Director Options:
C29 has approved the issue of 4 million Director Incentive Options (subject to shareholder approval at the Company’s AGM). These options will be allocated as follows:
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Shannon Green – 2,000,000 options.
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Jamie Myers – 1,500,000 options.
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David Lees – 500,000 options.
Each Director Option has an exercise price of A$0.110 and will expire three years from the date of issue.
Project Overview:
The Ulytau Uranium Project, located in southern Kazakhstan, lies approximately 15 km southwest of the historic Bota-Burum uranium mine, one of the largest uranium mines from the Soviet Era.
Shannon Green
Managing Director
C29 Metals Limited
sgreen@c29metals.com.au
Dayna Louca
Investor & Media Relations
Jane Morgan Management
dayna@janemorganmanagement.com.au
About us:
About C29 Metals Limited:
C29 Metals Limited is an Australia-based company focused on the clean energy transition through the exploration and development of its portfolio of uranium and copper assets. The Company’s projects include Ulytau Uranium Project, Sampson’s Tank, Reedy Creek, Torrens Projects, Stadlers, Mayfield and Pocitos Lithium Argentina. Its Ulytau Uranium Project is located near Lake Balkhash in South Kazakhstan and situated over 15 kilometres (km) south of Bota-Burum mine.
Contact details:
Dayna Louca
Investor & Media Relations
Jane Morgan Management
dayna@janemorganmanagement.com.au
