Metals Acquisition Limited (NYSE: MTAL; ASX:MAC)
Highlights
- MAC has received firm commitments to raise approximately A$150
million (approximately US$103 million)1 (before costs) at an issue
price of A$18.00 per New CDI
- Placement was well supported with support from new and existing
institutional and sophisticated investors both in Australia and
offshore, which is testament to the high-quality nature of the CSA
Copper Mine and the significant work that has been undertaken by
management to deliver on a range of operational improvements over
the past year
- Placement proceeds will be used to optimise MAC’s balance sheet
and de-lever (by retiring its existing Mezzanine Debt Facility at
the earliest practicable date) while also providing additional
flexibility to pursue strategic inorganic growth opportunities
Commentary
Metals Acquisition Limited (NYSE: MTAL; ASX:MAC) (MAC or
the Company) is pleased to advise that the Company has
received firm commitments via an oversubscribed placement of
8,333,334 new CHESS Depositary Interests (New CDIs) at an
issue price of A$18.00 per New CDI to raise A$150,000,012
(approximately US$103 million)1 (before costs) (the
Placement). The final Placement size was set at
approximately A$150 million (US$103 million).1
The Placement was strongly supported with high levels of
institutional participation that included leading global investor
groups both in Australia and offshore.
Proceeds of the Placement, together with existing cash, will
enable MAC to optimise its balance sheet and de-lever following the
acquisition of the CSA Copper Mine from Glencore plc in mid-2023,
while also providing additional flexibility to pursue strategic
inorganic growth opportunities.
Provided that necessary consents are obtained, the proceeds of
the Placement and MAC’s existing cash will allow MAC to retire the
Mezzanine Debt Facility at the earliest possible date.
The Placement issue price represents a 13.0% discount to both
the closing price of CDIs on ASX of A$20.70 on Tuesday, 8 October
2024 and the 5-day VWAP of A$20.70 on Tuesday, 8 October 2024.
Placement Details
The Placement comprises the issue of 8,333,334 New CDIs at an
issue price of A$18.00 per CDI to raise total proceeds of
A$150,000,012 (approximately US$103 million)1 (before costs).
MAC will resume trading on the ASX from market open on Thursday,
10 October 2024. The New CDIs under the Placement are expected to
settle on Monday, 14 October 2024 and be issued and commence
trading on the ASX on a normal basis on Tuesday, 15 October 2024.
New CDIs issued under the Placement will rank equally with the
Company’s existing CDIs on issue.
Barrenjoey Markets Pty Limited is acting as the sole Lead
Manager and Bookrunner to the Placement to the Placement and
Sternship Advisers Pty Ltd is acting as Co-Manager to the
Placement. Gilbert + Tobin is acting as Legal Adviser to MAC.
Indicative Timetable*
Event
Date
Announcement of completion of
Placement
Wednesday, 9 October 2024
Trading halt lifted
Thursday, 10 October 2024
Settlement of New CDIs under the
Placement
Monday, 14 October 2024
Allotment, quotation and trading of New
CDIs under the Placement
Tuesday, 15 October 2024
*The above timetable is indicative only
and subject to change. MAC reserves the right to amend these dates
at its absolute discretion, subject to the Corporations Act (2001)
(Cth), the ASX Listing Rules and other applicable laws. The
quotation of New CDIs is subject to confirmation from the ASX.
Additional Information
Additional information in relation to the Placement and the
Company can be found in the ASX announcements and Investor
Presentation released to the ASX on Wednesday, 9 October 2024,
which contain important information, including a breakdown of the
sources and uses of funds, the key risks and foreign selling
restrictions with respect to the Placement.
An updated Appendix 3B for the proposed issue of New CDIs will
follow this announcement.
Nothing contained in this announcement constitutes investment,
legal, tax or other advice. Investors should seek appropriate
professional advice before making any investment decision.
-ENDS-
This announcement has been authorised for release by Mick
McMullen, CEO and Director.
About Metals Acquisition Limited
Metals Acquisition Limited (NYSE: MTAL; ASX: MAC) is a company
focused on operating and acquiring metals and mining businesses in
high quality, stable jurisdictions that are critical in the
electrification and decarbonization of the global economy.
Not an offer in the United States
This announcement does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in the United
States or any other jurisdiction in which such an offer would be
unlawful. Any securities described in this announcement have not
been, and will not be, registered under the US Securities Act of
1933, as amended (“U.S. Securities Act”), or the securities laws of
any state or other jurisdiction of the United States. No securities
described in this announcement may be offered or sold in the United
States or to, or for the account or benefit of, any U.S. Person (as
defined in Regulation S under the U.S. Securities Act) unless they
have been registered under the U.S. Securities Act or are offered
and sold in a transaction exempt from, or not subject to, the
registration requirements of the U.S. Securities Act and any other
applicable U.S. state securities laws.
Forward Looking Statements
This release includes “forward-looking statements.” The
forward-looking information is based on the Company’s expectations,
estimates, projections and opinions of management made in light of
its experience and its perception of trends, current conditions and
expected developments, as well as other factors that management of
the Company believes to be relevant and reasonable in the
circumstances at the date that such statements are made, but which
may prove to be incorrect. Assumptions have been made by the
Company regarding, among other things: the price of copper,
continuing commercial production at the CSA Copper Mine without any
major disruption, the receipt of required governmental approvals,
the accuracy of capital and operating cost estimates, the ability
of the Company to operate in a safe, efficient and effective manner
and the ability of the Company to obtain financing as and when
required and on reasonable terms. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions
which may have been used by the Company. Although management
believes that the assumptions made by the Company and the
expectations represented by such information are reasonable, there
can be no assurance that the forward-looking information will prove
to be accurate.
MAC’s actual results may differ from expectations, estimates,
and projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward- looking statements. These
forward-looking statements include, without limitation, MAC’s
expectations with respect to future performance of the CSA Copper
Mine. These forward-looking statements involve significant risks
and uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside MAC’s control and are difficult
to predict. Factors that may cause such differences include, but
are not limited to: the supply and demand for copper; the future
price of copper; the timing and amount of estimated future
production, costs of production, capital expenditures and
requirements for additional capital; cash flow provided by
operating activities; unanticipated reclamation expenses; claims
and limitations on insurance coverage; the uncertainty in Mineral
Resource estimates; the uncertainty in geological, metallurgical
and geotechnical studies and opinions; infrastructure risks; and
other risks and uncertainties indicated from time to time in MAC’s
other filings with the SEC and the ASX. MAC cautions that the
foregoing list of factors is not exclusive. MAC cautions readers
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. MAC does not undertake or
accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
More information on potential factors that could affect MAC’s or
CSA Copper Mine’s financial results is included from time to time
in MAC’s public reports filed with the SEC and the ASX. If any of
these risks materialize or MAC’s assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that MAC does not presently know, or that MAC currently believes
are immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect MAC’s expectations, plans or
forecasts of future events and views as of the date of this
communication. MAC anticipates that subsequent events and
developments will cause its assessments to change. However, while
MAC may elect to update these forward-looking statements at some
point in the future, MAC specifically disclaims any obligation to
do so, except as required by law. These forward-looking statements
should not be relied upon as representing MAC’s assessment as of
any date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
1 Placement proceeds converted into US$ based on an A$:US$
exchange rate of 0.6869, which represents the average exchange rate
for the week from 30 September 2024 to 4 October 2024
(inclusive).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241009187729/en/
Mick McMullen Chief Executive Officer Metals Acquisition Limited
investors@metalsacqcorp.com Morne Engelbrecht Chief Financial
Officer Metals Acquisition Limited
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