Sovereign Metals confirms intention to raise A$40m for Malawi project
In response to media speculation in respect of a potential capital raising by ASX- and Aim-listed Sovereign Metals, the company has confirmed that it has engaged Petra Capital as lead manager and sole bookrunner to raise A$40-million through a placement at A$0.85 a share. The company notes that funds raised will be applied to development costs for the Kasiya rutile/graphite project, in Malawi, including permitting, studies and other costs and working capital and offer costs.
In response to media speculation in respect of a potential capital raising by ASX- and Aim-listed Sovereign Metals, the company has confirmed that it has engaged Petra Capital as lead manager and sole bookrunner to raise A$40-million through a placement at A$0.85 a share. The company notes that funds raised will be applied to development costs for the Kasiya rutile/graphite project, in Malawi, including permitting, studies and other costs and working capital and offer costs.
