Funds raised for Cape Flattery development

Metallica Minerals has raised more than $5 million from a placement, and has launched a fully underwritten non-renounceable pro-rata entitlement offer of about $4.5m to continue funding the development of its Cape Flattery silica sand project in the Cape York peninsula.

The placement was completed with significant support from global silica sand specialist Sibelco and continued support from existing substantial shareholders, Ilwella and SPARTA AG.

In addition to the purchase of the shares in the placement, Ilwella, Sparta AG and Sibelco have agreed to take up their entitlement under the entitlement offer.

Metallica executive chairman Theo Psaros said the show of support represents a significant endorsement of the company’s ambitions to provide high quality silica to global markets.

“It sends a strong positive signal to potential future customers that Metallica is well positioned to progress the development of the Cape Flattery project.”

“The commercial environment for silica sand remains buoyant given ongoing strong demand from Asia-Pacific glass manufacturers supplying the solar panel industry.

“Our recent pre-feasibility study has highlighted the world-class potential of our Cape Flattery project and we are looking forward to the opportunity to be a valuable contributor to the global energy transition.”

Editor of industrial titles and mastheads with Prime Creative Media. Publications include Rail Express and Australian Mining (web content).
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