The Small Cap Wrap: ASX juniors stake claims in Mojave’s rare earth corridor; Cyprium Metals secures A$80M to fund Cathode Project restart

Proactive

Written by Jonathan Jackson

The S&P/ASX 200 edged higher today, adding 12.50 points or 0.14% to close at 8,973.00. Leading the index were IDP Education Limited and Lifestyle Communities Limited, which surged 27.75% and 14.53% respectively. Despite today’s gain, the benchmark has shed 0.51% over the past five days and remains 0.90% below its 52-week high.

Meanwhile, the S&P/ASX Small Ordinaries Index (XSO) slipped 24.50 points or 0.68% to 3,580.80. Over the last five sessions, however, the index has advanced 1.79%, adding 62.80 points.

An A$80 million oversubscribed placement and a fully underwritten entitlement offer will help Cyprium Metals Ltd (ASX:CYM, OTC:CYPMF) restart its Cathode Project at the Nifty Copper Complex, reduce debt, and advance the feasibility study for the Concentrate Project.

The placement, priced at A$0.028 per share, represents a 6% discount to the 10-day volume weighted average price (VWAP). The raise comprises A$74 million from the placement and A$6 million from the entitlement offer.

Read the full article on Proactive here