Andromeda Metals raises A$3.04 million to advance high-purity alumina project
Andromeda Metals Ltd (ASX:ADN, OTC:ANDMF) has raised $3.04 million through a share purchase plan and placement of new shares at $0.0059 each. The funds will be used to advance its High Purity Alumina Project, including the completion of a pre-feasibility study (PFS), as well as for general working capital and costs related to this fundraising. The company raised A$2.94 million from 342 eligible shareholders via the SPP and an additional $102,000 through placements with non-related parties. The total amount raised exceeded its initial target of around $3 million before costs. Andromeda’s board expressed gratitude for shareholder support. The capital raise highlights continued investor confidence in the company's HPA project development plans.
Topics: capital raising high-purity alumina project shareholder participation