CMX
Chemx Materials Limited
ASX
Extension of Share Purchase Plan
Sentiment:
Share Purchase Plan Extension Announcement
21 April 2024 7:10 PM
ChemX Materials extends the closing date of its Share Purchase Plan (SPP) to May 10, 2024, to allow eligible shareholders more time to participate in the capital raising activities.
Delay expected
The closing date of the SPP has been extended from April 23, 2024, to May 10, 2024.
Summary
- ChemX Materials has extended the closing date of its Share Purchase Plan (SPP) from April 23, 2024, to May 10, 2024.
- The SPP allows eligible shareholders to subscribe for up to $30,000 worth of shares at $0.048 per share.
- The company aims to raise up to $500,000 (before costs) through the issuance of up to 10,416,667 shares.
- Participants will receive one free option for every two shares subscribed, exercisable at $0.09 per option and expiring three years from the issue date.
- Shareholder approval for the SPP Options will be sought at the General Meeting on May 27, 2024.
- The proceeds from the SPP will be used for the construction of the High Purity Alumina Pilot Plant in Perth, working capital, and SPP costs.
Sentiment
Score: 7
Explanation: The announcement is generally positive as it provides shareholders with an extended opportunity to participate in the company's growth. The SPP and associated options offer potential upside, and the funds are earmarked for a key project. However, there are inherent risks associated with investing in the company.
Highlights
- ChemX Materials has extended the closing date of its Share Purchase Plan (SPP) to May 10, 2024.
- The SPP offers shares at $0.048 each, with a maximum subscription of $30,000 per eligible shareholder.
- The company aims to raise up to $500,000 through the SPP.
- For every two shares subscribed, participants will receive one free option, exercisable at $0.09 and expiring in three years.
- Shareholder approval for the SPP Options will be sought at the General Meeting on May 27, 2024.
- SPP proceeds will fund the High Purity Alumina Pilot Plant, working capital, and SPP costs.
Positives
- The extension of the SPP provides eligible shareholders with more time to participate.
- The SPP offers an opportunity for shareholders to increase their investment in the company at a fixed price.
- The attaching options provide additional potential upside for investors.
- The funds raised will support the construction of the High Purity Alumina Pilot Plant, a key project for the company.
Risks
- The indicative timetable is subject to change.
- Shareholder approval is required for the issue of SPP Options.
- Key risks associated with an investment in the Company are set out in the SPP Booklet and will be set out in the Prospectus.
Future Outlook
The company intends to use the SPP proceeds to fund the construction of its High Purity Alumina Pilot Plant, working capital, and SPP costs.
Industry Context
ChemX is positioning itself as a supplier of high purity critical materials for the battery industry, aligning with the global energy transition.
Stakeholder Impact
- Shareholders have an extended opportunity to participate in the SPP.
- The company will have additional capital to fund its High Purity Alumina Pilot Plant.
- The SPP could potentially dilute existing shareholders if fully subscribed.
Next Steps
- Eligible shareholders to submit their applications by May 10, 2024.
- Shareholder meeting on May 27, 2024, to approve the issue of SPP Options.
- Issue of Shares under SPP on 17 May 2024.
- Issue of SPP Options, Placement Options and Broker Options on 29 May 2024.
Key Dates
- 8 April 2024: Issue of Shares under the Placement
- 25 March 2024: Announcement of Share Purchase Plan (SPP)
- 3 April 2024: SPP booklet dated
- 22 April 2024: Notice of meeting for the General Meeting is being despatched
- 10 May 2024: Closing date of SPP
- 15 May 2024: Announcement of results of SPP
- 15 May 2024: Prospectus proposed to be sent to participating shareholders under the SPP
- 17 May 2024: Issue of Shares under SPP
- 27 May 2024: Shareholder Meeting to approve issue of SPP Options, Placement Options and Broker Options
- 28 May 2024: Closing date of the Offers for the Placement Options , SPP Options and Broker Options
- 29 May 2024: Issue of SPP Options, Placement Options and Broker Options
- 31 May 2024: Holding statements dispatch to Applicants pursuant to the Prospectus Offers
Keywords
CMX
Chemx Materials Limited
ASX
Sector: Materials
Filings with Classifications
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Worse than expected
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Trading Suspension Extension Request
- The company is not ready to announce a Funding Update and Management Restructure, which is causing a delay in trading and is worse than expected.
Delay expected
29 December 2024 5:48 PM
Trading Suspension Extension Request
- The company is delaying the release of the Funding Update and Management Restructure announcement.
- The trading suspension is being extended due to the delay in the announcement.
Delay expected
22 December 2024 5:25 PM
Trading Suspension Update
- The company's funding update and management restructure are taking longer than anticipated.
- Negotiations with relevant parties have caused a delay in the announcement.
Capital raise
18 December 2024 5:08 PM
Suspension Announcement
- The announcement is related to an update on funding, which could indicate a potential capital raise.
Capital raise
16 December 2024 5:06 PM
Trading Halt Request
- The trading halt is pending an announcement regarding an update on funding, which could indicate a potential capital raise.
Capital raise
11 December 2024 5:11 PM
Financing Agreement Update
- Mercer has approved ChemX to raise up to $500,000 in additional debt financing.
Delay expected
27 November 2024 9:50 PM
AGM Presentation
- The commissioning of the 24tpa HPA Pilot Plant has experienced unforeseen delays in recent months, primarily due to the solvent extraction (SX) module awaiting electrical package installation.
Worse than expected
27 November 2024 9:50 PM
AGM Presentation
- The announcement revealed unforeseen delays in the commissioning of the solvent extraction module of the pilot plant, pushing back the timeline for full operation.
Better than expected
13 November 2024 5:17 PM
R&D Funding Announcement
- The receipt of the R&D refund exceeding the amount of the Radium Capital facility was better than expected, resulting in a surplus for working capital.
Capital raise
7 November 2024 1:19 AM
Price Query Response
- ChemX is in discussions with third parties regarding potential capital raisings.
- No formal agreements have been reached for any capital raising.
Capital raise
30 October 2024 9:06 PM
Quarterly Report
- The company has appointed TritonLake as Corporate and Financial Advisors to assist with capital, financing and corporate advisory.
- The company believes it would be successful with raising additional capital.
Worse than expected
30 October 2024 9:06 PM
Quarterly Report
- The delays in the Solvent Extraction module of the pilot plant represent a setback from the expected timeline for commissioning.
Delay expected
30 October 2024 9:06 PM
Quarterly Report
- Delays were experienced in the construction of the Solvent Extraction (SX) module due to longer than expected lead times on key process equipment and delivery of critical electrical infrastructure.
Capital raise
24 October 2024 6:10 PM
Notice of Annual General Meeting
- The 7.1A mandate seeks shareholder approval to issue up to 10% of the company's issued capital in equity securities without further shareholder approval.
- The funds raised under the 7.1A mandate are intended to be used for the 24tpa HiPurA high purity alumina (HPA) pilot plant and working capital.
Worse than expected
23 October 2024 5:19 AM
Annual Report
- The company reported a net loss after tax of \$4.49 million, significantly higher than the previous year's loss of \$4.18 million, indicating worse than expected results.
Capital raise
23 October 2024 5:19 AM
Annual Report
- The company raised \$1,616,600 through a share placement and share purchase plan.
- A \$6,000,000 convertible note funding facility was secured, with potential for further equity dilution upon conversion.
Capital raise
30 July 2024 4:54 AM
Quarterly Activities Report
- The company has applied for an advance from a funding provider against expected CMX FY24 R&D claim for circa $440,000.
- The Company also has access to financial markets and believes it can successfully raise capital.
Capital raise
29 April 2024 7:02 PM
Quarterly Activities Report
- The company completed a $1.1M placement.
- A Share Purchase Plan (SPP) is ongoing, aiming to raise up to $500,000.
- Directors have committed to subscribe for 1,354,166 shares, subject to shareholder approval, under the Placement to raise an additional $65,000 at the same issue price.
Delay expected
21 April 2024 7:10 PM
Share Purchase Plan Extension Announcement
- The closing date of the SPP has been extended from April 23, 2024, to May 10, 2024.
Capital raise
2 April 2024 5:48 PM
Share Purchase Plan Announcement
- The document mentions that it is highly likely that further funding will be required to meet the medium to long term working capital costs of the Company.
- Any additional equity financing will dilute shareholdings, and debt financing, if available, may involve restrictions on financing and operating activities.
Capital raise
13 March 2024 2:33 AM
Interim Report
- The company has access to a further $3,800,000 funding under its unsecured convertible note facility, subject to further agreement between the parties.
Worse than expected
13 March 2024 2:33 AM
Interim Report
- The company reported a net loss of $1,911,696 for the half-year ended December 31, 2023, which is worse than breakeven.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.