Response to Media Speculation

Sovereign Metals

24/03/2025 08:51

RNS Number : 8561B

Sovereign Metals Limited

24 March 2025

 

 

NEWS RELEASE I 24 MARCH 2025

 

RESPONSE TO MEDIA SPECULATION

 

Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX: SVMLF) (Sovereign or the Company) notes today's media speculation including an article in the Australian Financial Review on Monday 24 March 2025 in respect of a potential capital raising by the Company.

The Company confirms that it has engaged Petra Capital as Lead Manager and Sole Bookrunner to raise A$40m via a placement at A$0.85 per share (Fundraise). Funds raised will be applied to the Kasiya Rutile Graphite Project's development costs including permitting, studies and other costs and working capital and offer costs. There can be no certainty that the Fundraise will complete, nor as to the final structure or terms of any such Fundraise.

The Company's shares on the Australian Securities Exchange (ASX) will continue to be in a voluntary trading halt until the earlier of an announcement to the market regarding the results of the capital raising or the opening of trade on ASX on Wednesday, 26 March 2025.

Trading in the Company's ordinary securities will continue to trade as normal on AIM, a market operated by the London Stock Exchange, during this period. Further announcements will be made as appropriate.

 

Enquiries
Frank Eagar, Managing Director & CEO
South Africa / Malawi
+27 21 140 3190
Sapan Ghai, CCO
London
+44 207 478 3900

 

Nominated Adviser on AIM and Joint Broker
SP Angel Corporate Finance LLP
+44 20 3470 0470
Ewan Leggat
Charlie Bouverat
Joint Brokers
Stifel
+44 20 7710 7600
Varun Talwar
Ashton Clanfield
Berenberg
+44 20 3207 7800
Matthew Armitt
Jennifer Lee
Buchanan
+ 44 20 7466 5000

 

Forward Looking Statement

 

This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking statements are based on Sovereign's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

 

The information contained within this announcement is deemed by Sovereign to constitute inside information as stipulated under the Regulation 2014/596/EU which is part of domestic law pursuant to the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). By the publication of this announcement via a Regulatory Information Service, this inside information (as defined in UK MAR) is now considered to be in the public domain.

 

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