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Metals X to raise A$32.7M for Nifty copper project reset, exploration

Metals X Ltd. has launched a A$32.7 million equity raising to fund the company's reset plan and exploration activities for its Nifty copper project in Western Australia, as well as for general working capital requirements.

The equity raising is comprised of an about A$15.5 million institutional placement and an about A$17.2 million 1-for-6 accelerated non-renounceable entitlement offer.

Metals X will offer about 218.2 million new shares at 15 Australian cents apiece, representing a 16.8% discount to the theoretical ex-rights price of 18 cents and a 21.1% discount to the company's last closing price of 19 cents apiece as of Sept. 18.

The equity raising is being conducted between Sept. 19 and Sept. 20.

In August, the company said that its Bluestone Mines Tasmania Pty Ltd. subsidiary reached an agreement with Citibank NA for a A$35 million secured term loan facility which will be used for the development of the Nifty project, and for capital expenditures and working capital.