ASX-listed junior Sovereign Metals is hoping to raise A$4.3-million through a share placement to advance the development of its Malingunde flake graphite project, in Malawi. The company on Friday reported that it had completed a bookbuild and secured commitment from investors for 66.7-million shares, at a price of 6.5c each, which represented a discount of 11% to the company’s 30-day volume weighted average share price.
