Metals One Plc (LSE:MET1) intends to commit up to A$1 million to a renounceable entitlement offer launched by Evolution Energy Minerals Ltd, which is seeking to raise approximately A$4 million at A$0.015 per share. The funds are earmarked for the advancement of copper and graphite assets, including the Chikundo Copper and Chilalo Graphite projects.
Although the transaction qualifies as a related-party deal, Metals One’s independent directors have determined that the terms are fair and reasonable for shareholders. The investment is expected to bolster Evolution’s financial position and support development progress across its key battery metal projects, potentially expanding Metals One’s exposure to commodities central to the energy transition.
Evolution’s capital raise features renounceable and tradeable entitlements, free attaching options and partial underwriting. This structure is designed to encourage broad investor participation while increasing the likelihood that the full subscription target is achieved.
For Metals One investors, the proposed subscription may lift the company’s equity stake in Evolution and reinforce its strategic footprint in critical minerals. However, this increased exposure comes as Evolution remains in a pre-revenue phase and continues to operate at a loss.
More about Metals One PLC
Metals One is a developer and investor in critical and precious metals projects, with listings on AIM and OTCQB. The company focuses on exploration and development-stage assets, particularly in copper and graphite. It currently holds a 16.9% interest in Evolution Energy Minerals, aligning its portfolio with early-stage resource opportunities linked to electrification and battery supply chains.
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