Metals Acquisition today announced that it has entered into subscription agreements for a $112 million PIPE at $10 per share to be consummated concurrently with the comp;letion of the SPAC's pending CSA Mine acquisition.
Investors include a number of large, global natural resource funds who anchored the PIPE.
In addition, Metals Acquisition CEO and director Michael James McMullen has entered into a $1.5 million subscription agreement. cfo Marthinus J. Crouse signed a subscription agreement for $250,000. Director Patrice Ellen Merrin has entered into a subscription agreement at $50,000.
In connection with the agreements, Green Mountain Metals, the SPAC's sponsor, agreed to transfer an aggregate of 517,500 shares of Class B common stock to certain investors who agreed to subscribe for a significant number of subscribed shares.
The SPAC has beefed up the finances for the $1.1 billion Australian copper mine deal several times since it was announced in March 2022. Last month Metals Acquisition added a silver purchase agreement to the deal as well as a mezzanine debt facility of $135 million. Read more.