Street Talk

Copper play Cyprium Metals raising $25m to restart mine

Anthony Macdonald, Sarah Thompson and Kanika Sood

Feb 2, 2023 – 7.36pm

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West Australian copper explorer Cyprium Metals had three brokers launch a $25 million two-tranche placement after market close on Thursday, to help it get senior debt for a mine restart.

Cyprium needs to raise equity to get debt financing for a mine restart. .

Canaccord Genuity, Euroz Hartleys and Evolution Capital were offering Cyprium shares at 11¢ each, am 18.5 per cent discount to the last close and 24.6 per cent lower than the 10-day volume weighted average price.

The term sheet sent to potential investors said it would use $20 million to meet the equity-raising requirement to finalise $US140 million senior secured bond financing to restart its Nifty project.

Its previously told investors Nifty was the sixth-largest copper development project by metal and of a high grade.

The remaining $5 million was for continued exploration work and working capital needs. There was room for $5 million in oversubscriptions.

An investor call was scheduled for 10:30am Friday, and bids were due 2pm Wednesday.