Metals Acquisition Corp. (NYSE:MTAL) has again secured further funding for its PIPE in connection to its business combination with Glencore’s (LON:GLEN) CSA Copper Mine, announcing this afternoon that it has executed $35 million in committed financing.
The SPAC disclosed that it has entered into subscription agreements totaling $35 million at a purchase price of $10.00 per share, bringing the total PIPE to approximately $175 million. This is well above MAC’s initial fundraising target of $126 million, surpassing it by $49 million.
Today’s additional subscription agreements come from multiple institutions, including a large Australian fund which has anchored the PIPE, alongside MAC’s existing global anchors.
Metals has brought in a series of funding for its PIPE within the past several weeks, including $26 million just last Thursday and $114 million in April from a number of large, global natural resource funds and its management team.
The SPAC is facing a completion deadline of August 2, but recently announced that it intends to hold its special meeting for shareholders on June 5 to vote on its merger. The deal is expected to close shortly after shareholder approval at the meeting, subject to the satisfaction of other customary closing conditions.
Metals announced its $1.1 billion transaction with CSA Copper Mine in March 2022. Glencore’s CSA copper and silver mine is among the Australia’s largest, having exploited about 41,000 metric tons of copper in 2021.
Terms Tracker for the Week Ending June 2, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As is typical of slow holiday weeks, this past week for SPACs was no exception. To wit, there were zero new S-1s filed, zero amendments...
Trajectory Alpha Acquisition Corp. (NYSE:TCOA) announced this afternoon that it has entered into a purchase and contribution agreement with its sponsor and J. Streicher Holdings, LLC. As a result, the SPAC will undergo a change in management. As part of the agreement, J. Streicher will pay $250,000 to Trajectory Alpha and $1.00 to the sponsor. In return,...
Latest SPAC Liquidations: Sound Point I, Bullpen Parlay, and Zimmer Energy Transition Sound Point Acquisition Corp I (SPCM) to Liquidate on June 4 Sound Point Acquisition Corp I, Ltd (NASDAQ: SPCM) announced today that it intends to liquidate and dissolve, effective as of June 4, 2023, and will redeem all of the outstanding Class A...
Latest Non-Redemption Agreements: GSR II Meteora Acquisition Corp. GSR II Meteora Acquisition Corporation (GSRM) Adds Non-Redemption Agreement On May 31, 2023, GSR II Meteora Acquisition Corp., (NASDAQ:GSRM), entered into certain non-redemption agreements with certain third parties in connection with the special meeting of stockholders. Pursuant to such Non-Redemption Agreements, each Non-Redeeming Stockholder agreed that it will...
Athena Technology Acquisition Corp. II (NYSE:ATEK) announced this afternoon that it is postponing its extension vote scheduled for June 12 until June 13. Shareholders at the special meeting are to vote on a proposal to allow Athena Technology II to extend its transaction deadline on a monthly basis up to nine times from June 14,...