Andromeda Metals completes $3M capital raise
- Andromeda Metals completed a capital raising of $3 million before costs via a share purchase plan and share placement.
- Following the announcement, the Andromeda Metals share price was unchanged at $0.006.
- The proceeds will be used to advance the company's High Purity Alumina Project and support general working capital needs.
Andromeda Metals (ASX:ADN) completed a $3 million capital raise before costs through a share purchase plan and an additional share placement to support its project advancement.
The total capital raised closely aligned with the original target of approximately $3 million through the share purchase plan offer.
The board stated that it thanks shareholders for their participation in the Share Purchase Plan and their ongoing support for the company.
A total of $2.9 million was secured through the share purchase plan from 342 participating shareholders, while an additional $102,000 was generated via the placement of 17,288,138 ordinary shares at an issue price of $0.0059 per share.
Following the announcement, the Andromeda Metals share price was unchanged at $0.006.
The company stated that the capital will be applied toward completing a pre-feasibility study for its high-purity alumina project as well as covering general working capital costs.
Newly issued shares are scheduled for quotation on the Australian Securities Exchange on Sept. 7, with holding statements sent to investors by Sept. 8.
