29Metals has successfully completed the retail portion of its entitlement offer, raising $31 million and finalising a $150 million capital injection to support its growth ambitions.
- Retail entitlement offer raised approximately $31 million
- 71% take-up rate by eligible retail shareholders
- Remaining shares underwritten by syndicate
- Total capital raise reaches $150 million including institutional component
- New shares to commence trading on ASX from 19 February 2026
Completion of Retail Entitlement Offer
29Metals Limited (ASX, 29M) has announced the successful completion of the retail component of its fully underwritten entitlement offer, raising approximately $31 million at an offer price of $0.40 per new share. This retail tranche forms the final stage of a broader capital raising initiative that began with an institutional placement earlier in January, which secured around $119 million.
The retail offer, which closed on 11 February 2026, saw eligible retail shareholders take up about 71% of the new shares available to them, amounting to roughly 55.5 million shares. The remaining 22.5 million shares, representing entitlements not taken up by retail investors or held by ineligible shareholders, will be acquired by underwriters and sub-underwriters as part of the fully underwritten arrangement.
Strategic Implications and Market Impact
This $150 million capital raise is a significant boost for 29Metals, a company operating in the base metals sector, providing it with enhanced financial flexibility. While the announcement does not specify the exact allocation of these funds, such capital injections typically support operational expansion, debt reduction, or exploration activities, all of which could strengthen the company’s position in a competitive market.
Settlement of the retail entitlement offer is scheduled for 17 February 2026, with new shares expected to be allotted the following day and commence trading on the ASX on 19 February. This timeline ensures a swift transition for shareholders and the market to adjust to the updated capital structure.
Looking Ahead
While the offer was fully underwritten, the 71% take-up rate among retail shareholders suggests a solid level of confidence but also leaves room for market watchers to consider the appetite for further capital raising or strategic moves. The company’s leadership, including CEO James Palmer, will likely focus on deploying these funds effectively to deliver shareholder value amid ongoing market uncertainties.
Investors should also note the forward-looking statements cautioning that actual outcomes may vary due to market and operational risks. Nonetheless, this capital raise marks a pivotal moment for 29Metals as it positions itself for future growth.
Bottom Line?
29Metals’ $150 million capital raise closes a key chapter, setting the stage for strategic growth and market scrutiny.
Questions in the middle?
- How will 29Metals allocate the proceeds from this capital raise?
- What impact will the new shares have on existing shareholder dilution?
- Could this capital raise signal upcoming operational expansions or acquisitions?