Jervois in July announced a A$313-million equity raise comprising an A$87-million institutional placement and a A$226-million 1-for-1.56 accelerated prorate non-renounceable entitlement offer to fund the acquisition of Finland-based Freeport Cobalt for $160-million and the development of its Idaho Cobalt Operations (ICO), in the US.

The company on Monday said that applications for more than 116.1-million new shares were received from eligible retail shareholders, for A$51.1-million in gross cash proceeds, representing an overall uptake of some 29%.

It is expected that the near 288-million new shares not taken up in the retail entitlement offer would be allotted to the sub-underwriters of the retail entitlement offer.

Following completion of the equity raising and acquisition of Freeport Cobalt, Jervois will be a global leader in refined cobalt production with an expanded shareholder base exposed to significant value creation potential possible through the technical and commercial synergies present with its existing assets.