ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials developer, is pleased to advise results of its Share Purchase Plan (SPP) following a successful Tranche One placement to sophisticated and professional investors which raised $1,053,000 as announced on 25 March 2024 (Placement).
As announced on 3 April 2024, ChemX opened a SPP for eligible shareholders to participate in the Company’s capital raising activities. The aim of the SPP was to a raise a further $500,000 (before costs) from the issue of up to 10,416,667 Shares.
The SPP closed on Friday, 10 May 2024 and successfully raised $297,000. In accordance, 6,187,000 Shares will be issued on 17 May 2024.
ChemX confirms that all valid applications under the SPP were accepted in full. The Company reserves the right to place the SPP shortfall subject to its available placement capacity.
Under the SPP, eligible shareholders had the opportunity to apply for up to $30,000 of new fully paid ordinary shares (Shares) at $0.048/share. Those eligible shareholders who participated in the SPP, will be offered, subject to shareholder approval, one free attaching option for two new shares issued, exercisable at $0.09 per share and expiring three years from the date of issue by ChemX (SPP Options). The SPP Options will be issued under a Prospectus to be despatched to investors in due course.
The SPP follows the successful Placement under Tranche One which raised $1,053,000 (before costs) from new and existing professional, sophisticated investors. Furthermore, Directors have committed to subscribe for 1,354,166 Shares, subject to shareholder approval, in addition to the Placement to raise an additional $65,000 at the same issue price.
All funds raised will be applied towards the 24tpa HiPurA® high purity alumina (HPA) pilot plant, working capital and costs of the offer.
On Monday, 27 May 2024, a General Meeting will be held to approve the issue of Placement Options, SPP Options, Director participation in the Tranche 2 Placement for $65,000 worth of Shares and other matters as detailed in the Notice of Meeting lodged and despatched on 22 April 2024.
The Company would like to thank all current shareholders and new investors who supported this capital raising and we look forward to undertaking early stage commissioning of 24tpa HPA Pilot Plant in June 2024.
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