SPACInsider Logo
Metals Acquisition Corp. (MTAL) Secures Additional $26M PIPE for CSA Copper Mine Deal
by Marlena Haddad on 2023-05-11 at 5:13pm

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 afternoon that it has executed $26 million in PIPE agreements.

The PIPE is priced at $10 per share and comes from a number of large, global natural resource funds.

In addition, the SPAC disclosed that its Chair of the Board of Directors, Neville Power, entered into a subscription agreement with an aggregate purchase price of $500,000.

Today’s additional agreements bring the PIPE to approximately $140 million, surpassing the company’s initial fundraising target of $126 million.

Less than a month ago, Metals executed approximately $114 million in PIPE agreements anchored mainly by global resource funds. The SPAC’s management team subscribed for $1.8 million with its CEO Michael James McMullen taking the bulk of this on with a $1.5 million investment while CFO Marthinus Crouse subscribed for $250,000 and Director Patrice Ellen Merrin for $50,000.

The company also disclosed today that the SEC has declared its registration statement on Form F-4 effective. Metals now intends to hold its special meeting for shareholders on June 5 to vote on its business combination. 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.



Recent Posts
by Marlena Haddad on 2023-06-07 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: SMX to create new subsidiary, trueSilver, and enters into exclusive agreement with Sunshine Minting  SMX Extending Metals Business with trueSilver Aiming Both for Fashion Luxury and Bullion Products SMX (NASDAQ:SMX) is pleased to announce...

by Nicholas Alan Clayton on 2023-06-07 at 7:33am

Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...

by Nicholas Alan Clayton on 2023-06-07 at 7:04am

Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...

by Kristi Marvin on 2023-06-06 at 5:59pm

Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan.  Naturally, this can be challenging to manage. More importantly, it can very...

by Marlena Haddad on 2023-06-06 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved