Glencore raises stake in Stillwater Critical Minerals to 15.41% [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance
The placement saw an oversubscription of more than 55%, leading to the issuance of 27,798,000 units at $0.14 each. Glencore Canada, a unit of the Swiss commodities giant Glencore, came in with a lead order of $2.1m. It subscribed for 15 million units under the offering. This investment has increased Glencore's stake in Stillwater to 15.41% on a non-diluted basis, and potentially up to 22.72% if all warrants are exercised. Each unit issued consists of one common share of Stillwater and one half of one common share purchase warrant. The full warrant allows the holder to acquire an additional common share at $0.21, potentially bringing in an extra $2.9m for Stillwater if all warrants are exercised. Funds raised are earmarked for exploration and development of Stillwater's North American nickel projects, alongside working capital and general needs. In addition, Stillwater and Glencore have revised their investor rights agreement. The amendment grants Glencore the right to a
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