Latrobe Magnesium Limited (LMG), an ASX-listed company focused on developing a magnesium production plant using its patented hydromet process, has announced the results of its non-renounceable entitlement offer. The company (ASX code: LMG) advised that upon the offer’s closing on November 4, 2025, acceptances were received from shareholders for 143,102,768 new shares, raising $3,291,368.18. This resulted in a shortfall of $748,262.63, representing 32,533,354 new shares.
According to the underwriting agreement with Shaw and Partners, the underwriter is obligated to subscribe for the 32,533,354 new shares, covering the shortfall. Latrobe Magnesium will return $237,959.76 to shareholders who applied for shares exceeding their 100% capped additional entitlement, while all shareholders who applied for their full additional entitlement will receive their allocation. The acceptance of entitlements and the underwriting will result in total funds raised of approximately $4,000,000.
The company will proceed with issuing the new shares related to the accepted entitlements on November 11, 2025. Trading of these new shares on the ASX is expected to commence on November 12, 2025, with transaction confirmation statements to be dispatched the following day. Settlement of the underwriting is scheduled for November 11, 2025, with the allotment and issue of new shares occurring on November 12, 2025, and trading to begin the same day. Shares issued to the underwriter will be allocated to sub-underwriters, as per the offer document.
Latrobe Magnesium thanked shareholders for their continued support. The announcement was made by CEO David Paterson.
