Metals Acquisition Corp. (MTAL) Adds $35M PIPE to CSA Copper Mine Deal
by Marlena Haddad on 2023-05-16 at 5:36pm

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.

 

 

Metals Acquisition Corp. (MTAL) Adds $35M PIPE to CSA Copper Mine Deal
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