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.
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