Group 6 Metals was offering shares at 14¢ a pop on Friday morning, after raising at 17¢ a share in November.
Tungsten developer Group 6 Metals, which is chipping away at its Dolphin mine in Tasmania’s King Island, had its brokers drumming up interest in a $32 million equity raising on Friday morning to stock up on working capital and to help debt investors convert to equity.The company’s three-part cash call was split into a $22 million placement, a $5 million conditional tranche to its executive director Chris Ellis, and a $5 million share purchase plan for retail shareholders.
All three legs would be priced at 14¢ a share, a 15.2 per cent discount to the last traded price or a 17.9 per cent discount to the 10-day volume weighted average price. The offer included an attaching option on a two-for-three basis at a 21¢ strike price and June 2025 expiry. Term sheets sent to potential investors said Group 6 would use the proceeds to stock up on working capital for initial ramp-up while it finalised additional funding, to pay for its renewable energy push and to fund technical feasibility studies for its tungsten concentrate’s downstream processing.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
One group of workers set to receive massive pay rise in federal budgetThe Albanese government has committed to delivering a 15 per cent pay rise for aged care workers in next week's federal budget.
Read more »
Richard Branson says he came close to losing Virgin Group empire during pandemicBillionaire tells of personally losing £1.5bn and ‘painful’ backlash after plea for state loan for Virgin Atlantic
Read more »
ABC under fire over King Charles coronation live panelMonarchists have criticised the ABC for featuring republicans on a live discussion panel during the coronation, arguing the procession and ceremony 'are not political footballs'.
Read more »
Horror in Sydney CBD as worker repeatedly stabbed in front of colleaguesA government employee is fighting for life in hospital after being stabbed while at work on Friday morning, with fellow co-workers being taken away from the crime scene in tears.
Read more »
Service NSW employee in critical condition after being stabbed in cityA 55-year-old Service NSW employee is in a critical but stable condition after being stabbed in the city on Friday morning.
Read more »