Impact Minerals’ (ASX:IPT) largest shareholder, which holds a 17% stake in the company, intends to subscribe for their entire entitlement as part of the current $5.2 million capital raising.
Lead manager and underwriter Mahe Capital has also agreed to increase its underwriting from $1 million to $2 million.
As Mining.com.au previously reported, Impact Minerals is conducting a two-for-seven renounceable rights issue to fund development work at the Lake Hope High-Purity Alumina Project in Western Australia.
Under the rights issue, which will now be closing on 21 March 2025, eligible shareholders will receive one free attaching option exercisable at $0.015 with a two-year expiry, for every two new shares subscribed for.
The rights have now begun trading under the ASX code IPTR. The rights trading will also be ending on 14 March 2025.
Impact Minerals, which has a market capitalisation of $21.41 million, says the funds will also be used for exploration at the Arkun Project in Western Australia, as well as the Broken Hill Project in New South Wales.
Managing Director Mike Jones says the support of the company’s largest shareholder, together with an increase in underwriting from lead manager Mahe Capital, has given Impact a strong start to the capital raising.
“A renounceable rights issue ensures that all shareholders, not just professional and sophisticated investors, have the opportunity to participate in this critical phase of the company’s growth,” Jones says.
Impact Minerals is focused on establishing itself as a key player in the HPA industry via its Lake Hope Project. The Lake Hope Project, which spans 238km2, encompasses several salt lakes stretching from Hyden to Norseman in southern Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Impact Minerals
