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Andromeda Metals Limited (ASX:ADN)

ALERT: Price-sensitive ASX Announcement for ADN
Current share price for ADN : $0.006 -0.002 (-20%)+
Announcement
Release
12 Aug 2026 9:47AM
Price at Release
$0.008
Full Release
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Summary
Andromeda Metals Limited announced a Share Purchase Plan (SPP) to raise approximately $3 million, targeting existing eligible shareholders in Australia, New Zealand, and Luxembourg. The raised funds will support the advancement of the company's High Purity Alumina (HPA) Project, including the completion of a Pre-feasibility Study, and provide general working capital. The SPP allows shareholders to apply for up to A$30,000 worth of new shares at a discounted price, with the plan not expected to materially impact company control. Andromeda is also seeking waivers from ASX listing rules to facilitate director participation in the SPP without shareholder approval, contingent on specific conditions. The capital raising is part of efforts to further commercialize the HPA Project, enhancing long-term shareholder value.
Key Points
  • Share Purchase Plan to raise approximately $3 million
  • Funds to support HPA Project and completion of Pre-feasibility Study
  • Eligible shareholders can apply for up to A$30,000 in shares
  • Share price set at $0.0059, a 15% discount to recent market price
  • Plan not expected to materially impact company control
  • Waiver applications to enable director participation without shareholder approval
  • SPP allows company discretion to accept over subscriptions
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.