- Hyperion Metals (HYM) receives firm commitments to undertake a $24 million placement
- A total of 20 million shares will be issued to institutional, sophisticated and professional investors at $1.20
- Hyperion expects to issue the shares on or around August 30
- Once received, the money will be used to accelerate the scale-up and commercialisation of Hyperion’s Titan critical minerals project in Tennessee
- Hyperion is down 1.95 per cent on the market with shares trading at $1.26
Hyperion Metals (HYM) has received commitments to undertake a $24 million placement.
The company entered a trading halt on August 20 but did not disclose how much it intended to raise or what it would use the funds for.
A total of 20 million shares will be issued to institutional, sophisticated and professional investors at $1.20.
The price represents a 6.3 per cent discount to Hyperion’s last closing price of $1.28 and a 2.1 per cent premium to the 10-day volume-weighted average price of $1.17.
Hyperion expects to issue the shares on or around August 30.
Once received, the money will be used to accelerate the scale-up and commercialisation of Hyperion’s Titan critical minerals project in Tennessee.
CEO and Managing Director Anastasios Arima commented on the placement.
“Hyperion’s mission is to produce zero carbon, low-cost titanium metals and powders with an all-American, sustainable, and fully traceable supply chain,” Mr Arima said.
“The proceeds from the placement will allow us to accelerate our plans to become a leading zero carbon materials supplier to the aerospace, space, electric vehicle and defence sectors.”
Hyperion was down 1.95 per cent on the market with shares trading at $1.26 at 2:04 pm AEST.