Shareholders like the story with the shares soaring 35% in morning trade to A19c, valuing the company at $26.62 million.
The copper producer has been hampered by it massive debt load, which was $136 million in 2013, before an earlier restructure in 2015, and a complex capital structure that made it difficult to raise capital and grow.
It expects to emerge from the latest recapitalisation with a much more digestible capital structure.
“This is the best position the company has been in for the last five years,” chairman Andre Labuschagne said while selling the deal this morning.
“With debt reduced, potential shareholder dilution reversed, and the capital structure simplified, the company is now positioned to attract renewed interest from quality investors and ...