Metals Acquisition Corp. (NYSE:MTAL) has continued to add to the committed financing for its combination with Glencore’s (LON:GLEN) CSA Copper Mine, announcing this morning that it has executed $112 million in outside PIPE agreements.
The PIPE is priced at $10 per share and is anchored by $112 million from global resource funds. Metals’ management has subscribed for $1.8 million under the same terms.
Metals CEO Michael James McMullen is taking the bulk of this on with a $1.5 million investment while CFO Marthinus Crouse has subscribed for $250,000 and Director Patrice Ellen Merrin for $50,000.
The $1.1 billion transaction was originally announced in March 2022 with about $42 million in PIPE funding in $550 million in various kinds of debt. But, as both market financing conditions and copper prices changed in the intervening year, the parties have overhauled the consideration across five amendments.
The bulk of the cash to be used for taking over nearly all of equity in the CSA Copper Mine is now to come from a $775 million syndicated lending facility funded by Citibank (NYSE:C), Bank of Montreal (NYSE:BMO), Harris Bank, Bank of Nova Scotia (TSX:BNS) and the National Bank of Canada (TSX:NA).
Metals has aimed to raise a $125 million PIPE and the lending facility may be expanded if it falls short, but it may not be done in announcing additional subscribers. The SPAC still has until August 2 to complete the deal under its initial transaction deadline.
Glencore’s CSA copper and silver mine is among the Australia’s largest, having exploited about 41,000 metric tons of copper in 2021.
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