Andromeda Metals raises $3.04 million to advance high-purity alumina project Proactive uses images sourced from Shutterstock

Andromeda Metals Ltd (ASX:ADN, OTC:ANDMF) has raised $3.04 million before costs through a share purchase plan (SPP) and share placement, with proceeds to support development of its High Purity Alumina (HPA) Project.

The company raised $2.94 million through the SPP, which attracted participation from 342 eligible shareholders, alongside a further $102,000 placement to non-related parties.

Funds to support HPA pre-feasibility study

The placement comprised 17.29 million new shares issued at $0.0059 per share, the same price offered under the SPP.

The proceeds would primarily be directed towards advancing the HPA Project, including supporting completion of a pre-feasibility study (PFS).

Funds will also provide general working capital and cover costs associated with the capital raising.

Shareholder support

The SPP had initially targeted approximately $3 million before costs, with Andromeda retaining discretion to accept oversubscriptions.

Following completion of the offer and the additional placement, total proceeds reached $3.044 million.

The board thanked shareholders for their participation in the SPP and continued support for the company.