Chrysos Corporation secures $75m placement to expand manufacturing capacity

• Chrysos Corporation (ASX:C79) secures binding commitments to issue 11.4 million new shares via a placement, raising $75 million
• Chrysos recently formed a global partnership with Barrick Gold Corporation and MSALABS
• The funds primarily support new PhotonAssay units and potential manufacturing capacity expansion beyond 18 units per year
• The settlement for these new shares is anticipated to occur on 10 November 2023, with new shares ranking equally with existing shares
• C79 last traded at $6.79

Chrysos Corporation (ASX:C79) has secured binding commitments to issue 11.4 million new shares via a placement, raising $75 million.

The funds will primarily support the deployment of new PhotonAssay units and potential manufacturing capacity expansion beyond 18 units per year.

Global partnership with Barrick Gold Corporation and MSALABS

Chrysos recently formed a global partnership with Barrick Gold Corporation and MSALABS.

Under this partnership, Chrysos plans to deploy up to 13 PhotonAssay units at Barrick mine sites across four continents by 2025, starting with three units in Nevada.

Utilising funds for expansion

The company expects that the funds raised will enhance its balance sheet, facilitating discussions with lenders and driving growth.

Chrysos has already reported strong operating cash flow from its existing 22 units.

Placement details

11.4 million new shares will be issued at an offer price of $6.60 each, representing a 7.7 per cent discount compared to the closing price of $7.15 per share on November 3, 2023.

The settlement for these new shares is anticipated to happen on November 10, 2023, with new shares ranking equally with existing shares.

Barrenjoey Markets and Shaw & Partners will serve as joint lead managers and bookrunners for the placement, and Sundaraj & Ker will be the company’s legal advisors.

C79 last traded at $6.79.