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- Centrex Metals (CXM) receives firm commitments to undertake a $4 million share placement
- Approximately 44.4 million new fully-paid ordinary shares will be issued to professional and sophisticated investors at 9 cents each
- The placement will settle on November 3 with shares to be issued on November 4
- Centrex will use the money to advance its Ardmore Rock Phosphate Project and hire key management and specialised technical personnel
- Centrex ends the day 12.4 per cent in the red with shares trading at 9.2 cents
Centrex Metals (CXM) has received firm commitments to undertake a $4 million share placement.
The company entered a trading halt on October 26 but did not disclose how much it intended to raise or what it would use the funds for.
Approximately 44.4 million new fully-paid ordinary shares will be issued to professional and sophisticated investors at 9 cents each.
The issue price represents a 14.3 per cent discount to Centrex’s last closing price of 10.5 cents per share on October 27.
The placement will settle on November 3 with shares to be issued on November 4.
Centrex will use the money to advance its Ardmore Rock Phosphate Project, hire key management and specialised technical personnel, and provide cash to cover any potential costs.
“We are pleased to receive firm commitments from new and certain existing shareholders who have recognised the value and potential of the company’s flagship Ardmore Rock Phosphate Project,” Managing Director Robert Mencel said.
“With this additional capital, we are now in a position to recruit hey management and necessary technical staff required to progress the project, with it being one of the highest grade undeveloped rock phosphate projects in Australia at a time of buoyant prices for phosphate globally.”
Centrex ended the Thursday 12.4 per cent in the red with shares trading at 9.2 cents and a $38.57 million market cap.
