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.

 

 

Metals Acquisition Corp. (MTAL) Secures Additional $26M PIPE for CSA Copper Mine Deal
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