If you would like to ask our webinar guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund a question please submit them here.
It looks good to me Is pleased to announce it has raised £626,520 (approximately A$1.2 million) through a direct subscription for 14,741,647 new ordinary shares (the "Subscription") at an issue price of 4.25p.
We won't have anymore diluting now we are good to go if we sign this JV
Is pleased to announce it has raised £626,520 (approximately A$1.2 million) through a direct subscription for 14,741,647 new ordinary shares (the "Subscription") at an issue price of 4.25p.
The vast majority of the investment in the Subscription is from an existing Australian shareholder holding over 5% of the Company's current issued share capital, with the balance being provided by one other investor. Both had indicated a desire to inject capital to strengthen the Company's position, thereby enabling an acceleration of mine construction planning activities, while progressing positively towards the creation of a Joint Venture with LB Group to unlock the funding for the total capital expenditure for the Project.
Priority Project workstreams include hiring additional people and consultants, accelerating the process to obtain additional Industrial Mining Licences, and pre-mining resource definition work.
The Subscription has been conducted directly between the Company and the two investors, falling within the share capital authorities granted at the last Annual General Meeting.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the 14,741,647 shares (the "Subscription Shares") to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Subscription Shares will commence at 8.00 a.m. on or around 12 December 2023.
The Subscription Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.
During the Half Year
· Offtake Memorandum of Understanding ("MoU") signed with LB Group (002601:SHENZHEN; Market Cap: US$6 billion), the world's No. 1 manufacturer of high-performance titanium dioxide pigments, in May 2023 to fund the Project into production
o 50/50 Joint Venture ("JV") - LB Group fully funds capex to 1.65Mtpa capacity estimated at US$81m; thereafter funding according to JV interests
o LB Group guarantees 100% offtake of ilmenite and Heavy Mineral Concentrate
o Capital Metals receives 50% of profits from start of production (estimated 12 months after construction starts)
· Raised gross proceeds of £0.86 million through a placing and subscription for general working capital in June and July 2023
· Greg Martyr, previously Non-Executive Chairman, appointed as Executive Chairman in July 2023 concurrent with Michael Frayne stepping down as CEO and director
· Significant actions were undertaken during the Half Year to resolve the illegal suspension of the Industrial Mining Licences ("IMLs"), including:
o Lobbying actions which likely contributed to implementation of reforms in mineral licensing procedures
o Local legal proceedings to position the Company to uphold its rights in-country
o Local statutory appeal proceedings to overturn the cancellation of IMLs
o Preparation for international legal proceedings to position the Company to prosecute its rights in international arbitration if necessary
Post Half Year
· Successful appeal against cancellation of IMLs in October 2023
o IMLs reinstated on 1 December 2023
· Plans underway for commencement of construction of the Project
· LB Group offtake MoU moving towards definitive agreement
05-Dec-23 16:06:47 94.98 15,000 Unknown* 14.25k O
05-Dec-23 16:29:05 94.99 10,000 Unknown* 9,499 O
05-Dec-23 16:27:29 94.99 10,000 Unknown* 9,499 O
05-Dec-23 15:58:50 94.98 10,000 Unknown* 9,498 O
05-Dec-23 15:58:05 94.98 10,000 Unknown* 9,498