Metals One (MET1) has received its full allocation of 52.9 million shares in the rights issue recently undertaken by graphite developer Evolution Energy Minerals Ltd.
The shares were issued at A$0.01, and Metals One’s total investment amounts to A$529,850.
Evolution's rights issue closed significantly oversubscribed and raised A$1.45 million.
To accommodate a portion of the excess demand, Evolution agreed to undertake a placement to raise an additional A$300,000 on the same terms as the rights issue.
Following the raise, Metals One will hold a total of just over 90 million shares in Evolution, representing 16.9% of Evolution's total issued share capital.
Metals One has also been granted share options over 26,492,500 shares in Evolution, exercisable at A$0.02 per share, with an expiry date of 12 September 2028.
Evolution's primary project is the large, development-ready, high grade mineral resource potential Chilalo graphite project in Tanzania.
"Chilalo represents one of the few advanced graphite projects positioned to supply ex-China markets, underpinned by strong ESG credentials, government support in Tanzania, and significant exploration upside,” said Jonathan Owen, chief executive of Metals One.
“Through Metals One's shareholding in Evolution, our shareholders have gained access to a premium strategic mineral asset advancing towards development at a highly attractive value entry point."
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Metals One continues to boost its exposure to critical minerals, and now has a significant graphite position. That sits well in a portfolio that already contains uranium, vanadium, and nickel, amongst others. The asset base is diverse and international, and provides the company with a solid foundation for supplying materials into the green energy revolution.