Monday, October 19, 2020 11:13:25 AM
Jervois closes $45-million (Australian) financing
2020-10-19 10:30 ET - News Release
Mr. Bryce Crocker reports
JERVOIS SUCCESSFULLY CLOSES OVERSUBSCRIBED A$45.0 MILLION EQUITY RAISE
Jervois Mining Ltd. has successfully closed a $45-million (Australian) equity raise, prior to issuance costs.
The Placement comprises the issue of 147,540,985 new ordinary shares at a price of 30.5 Australian cents per share. This represents a 1.2% discount to the 10-day VWAP on 16 October 2020. These shares will be issued as fully paid and rank equally with existing ordinary shares on issue.
Existing Jervois shareholder AustralianSuper cornerstoned the Placement, contributing A$18.5 million. The Placement was significantly oversubscribed, as the Company received strong support and demand. Jervois is pleased to welcome several new institutional investors onto its register.
As part of the Placement, Jervois Directors and Senior Management subscribed for 5,737,705 new ordinary shares, representing A$1.75 million. This complements their participation in the July 2019 equity raise of A$2.75 million, strongly aligning Company insiders with other shareholders.
The balance of the new ordinary shares has been placed with institutional and sophisticated investors within the meaning of the Corporations Act 2001 (Cth). Of the 147,540,985 new ordinary shares, Jervois will issue 96,511,881 shares utilizing its existing capacity under Listing Rule 7.1 and issue 32,170,626 utilizing the Company's existing capacity under Listing Rule 7.1A. This portion of the Placement will settle on 27 October 2020.
Jervois will issue a further 18,858,478 shares upon shareholder approval at the Company's AGM scheduled for 30 November 2020, including for the participation of Directors and senior management of the Company in the Placement.
Jervois will use proceeds from the placement for Idaho cobalt operations long lead item orders, detailed engineering and ongoing site costs; and activities relating to the recently announced acquisition of the Sao Miguel Paulista nickel-cobalt refinery in Sao Paulo, Brazil, including the purchase deposit, lease payments from March 2021 and restart feasibility study costs.
Shaw & Partners acted as sole lead manager and bookrunner, with support from BW Equities.
The Placement significantly increases the flexibility of Jervois to pursue the optimal debt, off-take and partnering strategies for its expanded asset base encompassing ICO, SMP and Nico Young. Commercial discussions for nickel and cobalt intermediate suppliers into SMP are commencing, and Jervois plans to commence a restart feasibility study for SMP later in Q4 2020.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved
Recent JRV News
- L'Organisme canadien de réglementation des investissements permet la reprise de la négociation - JRV • PR Newswire (Canada) • 07/23/2024 11:44:00 AM
- Canadian Investment Regulatory Organization Trade Resumption - JRV • PR Newswire (Canada) • 07/23/2024 11:42:00 AM
- Suspension de la négociation par l'Organisme canadien de réglementation des investissements - JRV • PR Newswire (Canada) • 07/22/2024 12:20:00 PM
- Canadian Investment Regulatory Organization Trading Halt - JRV • PR Newswire (Canada) • 07/22/2024 12:18:00 PM
- Junior Miner CEO Sees Blue Sky Potential for Major Discovery in Saskatchewan • AllPennyStocks.com • 07/18/2024 09:01:00 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM