Latrobe Magnesium Secures Nearly AU$9 Million Through Placement, Entitlement Offer; Shares Fall 11%

MT Newswires Live09-22 09:11

Latrobe Magnesium (ASX:LMG) has secured firm commitments to raise AU$8.5 million through a AU$5.1 million institutional placement and a fully underwritten AU$3.4 million non-renounceable entitlement offer, both priced at AU$0.015 per share, according to a Tuesday filing with the Australian bourse.

The placement will issue about 339 million new shares, while the 1-for-15 entitlement offer will issue around 227.7 million shares, with eligible shareholders able to apply for up to an additional 100% of their entitlement, per the filing.

The proceeds will be used to fund the final structural works for phase 1B of the company's Latrobe Valley demonstration plant, support the fiscal 2026 magnesium crown commissioning and production campaign, establish the initial 50,000 tonnes per annum US plant study, and provide working capital, the filing said.

Separately, the company will pay Long State Investment AU$191,429 to settle the swap component of its previous facility.

Long State will also sell its remaining shares in the company at the offer price, exiting its shareholding, while the facility will remain available, although the company does not intend to use it for future equity funding, the filing added.

The company's shares fell 11% in recent Tuesday trade.

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