Metals Acquisition Corp. (MTAL) Executes $52M PIPE for CSA Copper Mine Deal
by Marlena Haddad on 2023-06-12 at 5:50pm

Metals Acquisition Corp. (NYSE:MTAL)  has executed 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 secured $52 million in committed financing.

Today’s investments come at a purchase price of $10 per share from a number of large, global natural resource funds who have anchored the PIPE and include a 100% upsizing from an existing anchor investor.

Additionally, the investment includes a subscription from Bluescape Energy Partners, who will nominate a director to the MAC board of directors as it seeks to partner with the team.

In connection with the subscription agreements, Green Mountain Metals, MAC’s sponsor, agreed to transfer an aggregate of 470,833 shares of Class B common stock to certain investors who agreed to subscribe for a significant number of subscribed shares. In addition, the members of Green Mountain Metals have agreed to sell, at cost, 500,000 warrants to certain investors who agreed to subscribe for a significant number of subscribed shares.

Metals has brought in a series of funding for its PIPE within the past several weeks prior to its special meeting to approve its business combination, bringing the total PIPE to $230 million, compared to its initial fundraising target of $126 million.

The SPAC’s shareholders approved its acquisition and business combination with the CSA Copper Mine from Glencore (LON:GLEN) at a special meeting held on June 5, but do not expect to close the deal until June 15. In connection with the shareholder vote at the meeting, shareholders holding 23,513,685 Class A ordinary shares validly elected to redeem their shares, removing 88.68% of the SPAC’s trust.

The common stock and warrants of the combined company are set to begin trading on the NYSE on June 16 under the ticker symbols, “MTAL” and “MTAL.WS”, respectively.

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 Kristi Marvin on 2023-12-09 at 11:45am

Terms Tracker for the Week Ending December 8, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Well that escalated quickly. While last week was quiet, this week was far busier. SPACs saw one IPO start trading after pricing on Friday of...

by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved