05:05 AM EDT, 10/09/2024 (MT Newswires) -- Metals Acquisition ( MTAL ) said late Tuesday it priced an institutional placement of about 7.8 million new Chess Depositary Interests at 18 Australian dollars ($12.11) each to raise 140 million Australian dollars.

The placement proceeds, together with existing cash, will help optimize the company's balance sheet and reduce debt after acquiring CSA Copper Mine from Glencore in mid-2023.

The company said it will use the funds to retire a $145 million mezzanine debt facility as soon as possible.

Settlement of new Chess Depositary Interests is expected to occur on Oct. 14.

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