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LONDON - Capital Metals PLC (AIM:CMET), a UK-based mineral sands company, announced the early closure of its WRAP Retail Offer on Friday due to overwhelming demand. The offer, which was initially set to accept a specified amount as announced on May 29, 2025, received considerably higher interest than anticipated.
The company, which is in the advanced stages of developing the Taprobane Minerals Project in Sri Lanka, is expected to make a follow-up announcement on Monday, June 2, 2025. This announcement will detail the total proceeds accepted and the number of ordinary shares issued as a result of the WRAP Retail Offer.
Capital Metals’ project in Sri Lanka is recognized as one of the highest-grade mineral sands projects globally. The project, which includes significant deposits of industrial minerals such as ilmenite, rutile, zircon, and garnet, is located approximately 220km east of Colombo. The preliminary economic assessment conducted in 2022 estimated the project’s net present value (NPV) to be between US$155 million and US$235 million based on existing resources.
The company has stated its commitment to modern mining practices and expects the project to create over 300 direct jobs and contribute over US$150 million in direct government royalties and taxes.
The WRAP Retail Offer was conducted through the Winterflood Retail Access Platform, and the shares offered were not registered under the US Securities Act of 1933. Consequently, the offer was not made available in the United States or other jurisdictions where it might contravene local securities laws.
Investors are reminded that the value of shares can fluctuate and returns may vary due to market movements and currency fluctuations. The early closure of the WRAP Retail Offer indicates substantial investor interest in Capital Metals’ endeavors in Sri Lanka.
The information in this article is based on a press release statement from Capital Metals PLC.
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