Andromeda Metals Raises AU$5 million to Advance Great White and HPA Projects

Andromeda Metals Limited (ASX: ADN) has successfully raised approximately AU$5 million (before costs) via a placement of 384.6 million new shares at AU$0.013 per share, representing a 23.5% discount to the prior closing price. The offer was strongly supported by institutional and sophisticated investors, with applications scaled back due to high demand. In addition to the new shares, three free attaching options will be issued for every four shares subscribed, subject to shareholder approval. Each option is exercisable at AU$ 0.0195 and has a 2-year expiry, potentially contributing an additional AU$ 5.6 million in capital if fully exercised.

Proceeds will support the advancement of the Great White Project, including early works and engineering, as well as the Scoping Study and market development for the High Purity Alumina (HPA) project. Bell Potter and Canaccord Genuity acted as joint lead managers, with a 6% fee and 5 million options as part of their mandate.

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