This company just announced a capital raise
Sovereign Metals Ltd (ASX:SVM) has announced it has secured commitments for A$15m (gross proceeds) from UK, European and North American institutional investors to subscribe for 22,210,268 new ordinary shares of the Company at an issue price of A$0.67/share plus a one-for-two unlisted option with an exercise price of A$0.80/share and 12-month expiry (Placement). The funds raised will be used to further the development of Sovereign’s Kasiya Project, the world’s largest natural rutile deposit and one of the world’s largest flake graphite resources.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.
Following the announcement, shares in Sovereign Metals Ltd traded 11.97% lower at $0.62/share.
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