Metals Acquisition Announces US$96 Mln Placement; Stock Down

(RTTNews) - Metals Acquisition Limited (MTAL, MAC.AX) announced the launch of an institutional placement of approximately 7.8 million new Chess Depositary Interests or "New CDIs" to raise about A$140.0 million or US$96.2 million before costs. The New CDIs are to be issued under the Placement at an offer price of A$18.00 per New CDI.

The Settlement of New CDIs is expected to occur on Monday, 14 October 2024, with allotment to occur shortly thereafter on Tuesday, 15 October 2024.

Metals Acquisition said that the placement proceeds will be used to optimise its balance sheet and de-lever by retiring its existing US$145 million Mezzanine Debt Facility at the earliest practicable date while also providing additional flexibility to pursue strategic inorganic growth opportunities.

The company said it remains on track to deliver around the mid-point of its full-year 2024 copper production guidance of between 38,000 tonnes -43,000 tonnes.

MTAL closed Tuesday's regular trading at $13.25 down $0.66 or 4.74%. In the after-hours trading, the stock further dropped $0.75 or 5.66%.