Cyprium Metals announced an AU$35 million placement to fund the restart of the Nifty Project

Cyprium Metals (ASX: CYM) reported that it had received firm commitments to raise AU$35.0 million from sophisticated and institutional investors via a two-tranche placement of 318,636,364 fully paid ordinary shares at an issue price of AU$0.11 per share. For each share issued under the placement, each participant will receive one free attaching option.

The issuance price indicates an 18.5% discount to the latest closing price of AU$0.135 on January 31, 2023. Proceeds from the placement will be used to fund the restart of the Nifty Copper Project which will aim to provide a sustainable, secure, and stable supply of copper metal at 25,000tpa. It would also be used to fund the exploration activities, resource drilling, and the cost of the capital raise and general working capital requirements.

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