Ann: Rex successfully completes A$8M Placement, page-58

Today 29Metals essentially a diversified copper ( base metals) producer announced an accelerated renounceable rights issue capital raising. https://announcements.asx.com.au/asxpdf/20230830/pdf/05t851ns3z8708.pdf

It's done at an 8% discount to close on 29th Aug. ( 5.6% TERP). (I note the directors issued a statement slamming the Australian for saying there would be a raise, in the week or so prior).

I know there will be howls of protest at our recent raising but I interpret their process, noting their much higher AISC, as evidence of strong demand for equity in copper miners.


It's also probably the reason for that sharp dip yesterday that prompted my comments. I.e people with knowledge lightening RXM to take up and probably Stag the 29Metals raise. (One would be correct in interpreting the above as an implicit apology for the emotional content of my yesterday's post). Mea Culpa. Seems like everyone ignored it anyway so good for you.

I get balked/wrong-footed too it is a market and as I pointed out about the director's statements above they don't exactly make full and frank comments.

All IMVHO.