Impact Minerals (ASX:IPT) has completed a renounceable rights issue to raise $2.2 million before costs to advance its high-purity alumina projects.
The company issued 68.9 million new shares and 45.9 million options exercisable at $0.06 each. The options expire on 17 March 2029 and will trade under the code ‘IPTO’.
Rights holders took up $1 million of their entitlements, while the remaining $1.2 million shortfall was placed with new and existing investors. Impact notes that a major shareholder, a Germany-based family office, participated in the raising.
The funds will accelerate development of Impact’s ‘capital-efficient’ Alluminous processing route and the Lake Hope Project in Western Australia.
Chair Jim McKerlie says the ongoing support for the raising comes at an important point in the company’s evolution.
“We are building a differentiated position in high-purity alumina through two complementary pathways: Alluminous, with its capital-efficient and modular route to market, and Lake Hope, with the potential to deliver long-life, low-cost production from our own mineral resource,” McKerlie says.
The company is currently piloting the Lake Hope process. Meanwhile, commissioning continues at the Alluminous pilot plant, with a recent Scoping Study confirming positive economics for the project.
“This funding allows us to accelerate both pathways,” McKerlie shares.
“Our focus is increasingly on demonstrating these technologies at scale, producing material for customer qualification, and moving towards the commercial milestones that can unlock the value we see in both projects.”
The new securities are expected to be issued today (18 September). Directors and the underwriter retain discretion to place any additional shortfall shares within three months.
Mahe Capital acted as lead manager and underwriter to the rights issue.
Impact Minerals is focused on discovering and developing strategic, battery, and precious metals projects across Australia.
Write to Paula Fabe at Mining.com.au
Main image: Impact Minerals
