Mining group Metals X (ASX:MLX) has completed its fully underwritten capital raising of $32.7 million at 15 cents per share.
The placement and institutional entitlement offer totaled $24.6 million, with a fully underwritten retail entitlement offer to raise approximately $8.1 million to open on 25 September 2019.
The company says the placement and institutional entitlement offer was fully underwritten and was very well supported by a number of high quality existing and new institutional investors.
Gross proceeds raised through the offer will be used for implementation of various workstreams required to execute the company’s reset plan at Nifty, regional exploration at Nifty in the Paterson Province, and general working capital requirements.
Shares in Metals X (ASX:MLX) are trading 7.8 per cent lower at 17 cents.