Metals Acquisition Limited Announces $20 Million Private Placement Equity Financing

Rhea-AI Summary

Metals Acquisition Limited announces private placement financing of $20 million to accelerate exploration drilling and mine development at the CSA copper mine.

Positive

• Metals Acquisition Limited has entered into subscription agreements with investors to sell and issue 1,827,096 ordinary shares at $11.00 per share, raising approximately $20 million in gross proceeds.
• The net proceeds from the financing will be used to accelerate exploration drilling and mine development at the CSA copper mine.
• The company expects to bring forward previously unrealized value at the CSA mine with the additional capital.

Negative

• None.

ST. HELIER, Jersey--(BUSINESS WIRE)-- Metals Acquisition Limited (NYSE: MTAL):

Metals Acquisition Limited (NYSE:MTAL) (“MAC” or the “Company”) is pleased to announce that it has entered into subscription agreements with certain existing and new accredited investors to sell and issue an aggregate of 1,827,096 ordinary shares, par value $0.0001 per share, (the “Ordinary Shares”) of the Company at a price of $11.00 per Ordinary Share, for aggregate gross proceeds of approximately $20 million through a private placement financing (the “Private Placement”). Settlement and issue of new Ordinary Shares will occur shortly.

The net proceeds from the financing will be used to accelerate exploration drilling and mine development at the CSA copper mine, for working capital and general corporate purposes.

Mick McMullen, CEO of MAC commented “We are accelerating the implementation of many of the opportunities we have identified during the first three months of ownership of the CSA copper mine. With additional capital we expect to bring forward some of the previously unrealized value that exists at CSA. Our existing shareholders have strongly participated in the offer and we are very happy to have a shareholder base who continue to support us in our efforts to unlock value at the CSA mine.”

Scotiabank and Ashanti Capital are acting as joint placement agents in connection with the Private Placement.

The Ordinary Shares offered pursuant to the Private Placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements. This notice is does not constitute an offer to sell, nor a solicitation for an offer to purchase, the securities referenced herein. In connection with the Private Placement, the Company has agreed to file a registration statement on Form F-1 with the Securities and Exchange Commission registering the resale of the securities sold to U.S. Persons in the Private Placement.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Metals Acquisition Limited

Metals Acquisition Limited (NYSE: MTAL) is a company focused on operating and acquiring metals and mining businesses in high quality, stable jurisdictions that are critical in the electrification and decarbonization of the global economy.

Forward Looking Statements

This press release includes “forward-looking statements.” MAC’s actual results may differ from expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward- looking statements. These forward-looking statements include, without limitation, MAC’s expectations with respect to future performance of the CSA Mine and anticipated financial impacts and other effects of the proposed business combination, the satisfaction of the closing conditions to the proposed transaction and the timing of the completion of the proposed transaction. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside MAC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things; the supply and demand for copper; the future price of copper; the timing and amount of estimated future production, costs of production, capital expenditures and requirements for additional capital; cash flow provided by operating activities; unanticipated reclamation expenses; claims and limitations on insurance coverage; the uncertainty in mineral resource estimates; the uncertainty in geological, metallurgical and geotechnical studies and opinions; infrastructure risks; and dependence on key management personnel and executive officers; and other risks and uncertainties indicated from time to time in the definitive proxy statement/prospectus relating to the business combination that MAC filed with the SEC, including those under “Risk Factors” therein, and in MAC’s other filings with the SEC. MAC cautions that the foregoing list of factors is not exclusive. MAC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. MAC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

More information on potential factors that could affect MAC’s or CSA Mine’s financial results is included from time to time in MAC’s public reports filed with the SEC. If any of these risks materialize or MAC’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that MAC does not presently know, or that MAC currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect MAC’s expectations, plans or forecasts of future events and views as of the date of this communication. MAC anticipates that subsequent events and developments will cause its assessments to change. However, while MAC may elect to update these forward-looking statements at some point in the future, MAC specifically disclaims any obligation to do so, except as required by law. These forward- looking statements should not be relied upon as representing MAC’s assessment as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231015921779/en/

Mick McMullen

Chief Executive Officer

Metals Acquisition Limited.

+1 (817) 698-9901

mick.mcmullen@metalsacqcorp.com

Dan Vujcic

Chief Development Officer and Interim Chief Financial Officer

Metals Acquisition Limited.

+61 451 634 120

dan.vujcic@metalsacqcorp.com

Source: Metals Acquisition Limited

FAQ

What is the purpose of the private placement financing?

The purpose of the private placement financing is to raise capital for accelerating exploration drilling and mine development at the CSA copper mine.

How much money was raised through the private placement financing?

Approximately $20 million was raised through the private placement financing.

What will the net proceeds from the financing be used for?

The net proceeds from the financing will be used for exploration drilling and mine development at the CSA copper mine, as well as for working capital and general corporate purposes.

Who are the joint placement agents for the private placement?

Scotiabank and Ashanti Capital are acting as joint placement agents for the private placement.

Are the ordinary shares offered in the private placement registered under the Securities Act?

No, the ordinary shares offered in the private placement have not been registered under the Securities Act or the securities laws of any other jurisdiction.