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Highlights
- Cyprium has completed a capital raising of AU$31.6 million.
- Experienced mining industry executive, Clive Donner has been appointed as the company’s MD.
- Matt Fifield has been roped in as the interim chair. Milan Jerkovic has joined as COO.
Cyprium Metals Limited (ASX: CYM) recently announced the completion of an equity raising of AU$31.6 million, comprising AU$24 million in a placement and AU$7.6 million from an oversubscribed entitlement offer.
The company had announced an entitlement offer of AU$5 million, however, oversubscriptions in the entitlement offer shortfall led to a further raise of AU$2.6 million.
Meanwhile, the company also reported new appointments. The company has announced the appointment of Clive Donner as Managing Director, Matt Fifield as a non-executive interim chair, and Milan Jerkovic as the chief operating officer, effective immediately. Meanwhile, Gary Comb, previously the chair of the board, has transitioned to the role of non-executive director.
Data Source: Company update
The placement saw support from new and existing domestic and offshore institutions, family offices and private equity investors. The company highlights this support as an endorsement to its Nifty restart strategy. The ASX-listed copper company intends to recommence the project as a long-life large-scale open pit mine.
Rich experience of Mr Donner
Mr Donner is a financing and mining private equity expert who has catered to the financing of more than 50 mines worldwide. He is the founder of two private equity funds which targeted mid-tier and emerging mining firms.
Earlier, he was associated with Rothschild Australia as a director, where he was handling mine development financing. In his role, he was engaged with the development of the company’s assets, undertaking debt and equity capital raising and building the firm into a mid-tier copper producer.
Rich experience of Mr Matt Fifield
Mr Fifield is the Managing Director at Pacific Road Capital, a resource investment company that has managed more than AU$1 billion in funds to enhance resource companies globally.
Over the years, he has been part of more than AU$10 billion of M&A and capital raising transactions.
Milan Jerkovic’s role at CYM
The Chief Operating Officer of CYM, Jerkovic, is an experienced mining veteran. In his role, he will support the execution of Nifty’s development plan and offer leadership input to the development team.