Additional subscription agreements totaling approximately $52 million executed for the PIPE relating to the CSA Mine acquisition, including investments from a number of large, global natural resource funds who have anchored the PIPE
Subscriptions include a 100% upsizing from an existing anchor investor
Additionally includes a subscription from Bluescape Energy Partners (“Bluescape”), an alternative investment firm that leverages its private capital, global network, and superior thinking to deliver differentiated long term investment performance in the broader energy and energy transition sectors
Bluescape to nominate a director to the Metals Acquisition Limited board as it seeks to partner with the MAC team
Transaction Overview
Metals Acquisition Corp has entered into subscription agreements totaling approximately $52 million at a purchase price of $10.00 per share in a private placement to be consummated substantially concurrently with the consummation of the CSA Mine acquisition.
In addition, Bluescape has invested in the PIPE and will nominate a director to the MAC board of directors.
In connection with the subscription agreements, Green Mountain Metals, LLC, MAC’s sponsor, agreed to transfer an aggregate of 470,833 shares of Class B common stock of MAC that it currently holds to certain investors who agreed to subscribe for a significant number of subscribed shares. In addition, the members of Green Mountain Metals have agreed to sell, at cost, 500,000 warrants to certain investors who agreed to subscribe for a significant number of subscribed shares.
Commenting on the investment, Bluescape Executive Chairman and CEO, Mr. John Wilder noted:
“We see tremendous value in Metals Acquisition Corp and their CSA copper resource in Australia. The asset aligns with many crucial issues today, including decarbonization and critical metals supply chain security. We also have confidence in the Metals Acquisition Corp management team as they possess a diverse skillset that is capable of effectively turning around this critical asset. We look forward to partnering with the Metals Acquisition Corp as we merge skills and relationships to generate value for stakeholders.”
Mick McMullen, MAC CEO, said: “We continue to execute PIPE subscription agreements into what is now one of the largest institutionally backed PIPEs in the last year in the entire US market. We have managed to secure a significant investment upsize from an existing investor and the funding and commitment from Bluescape is very important to us. Having someone of the calibre of John Wilder validate the transaction is further evidence of the rationale for the MAC strategy.
“This has been a very long process and we would like to thank all of our funding partners, Glencore and most importantly the people at the CSA Mine for their patience as we approach the final stages of closing on this important transaction.”
