The company previously announced the 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.

Jervois has completed the A$87-million institutional placement along with the institutional component of the pro-rata accelerated non-renounceable entitlement offer.

The ASX, TSX-V and OTC-listed company noted that the only insider participant in the placement and the institutional part of the entitlement offer was AustralianSuper, which subscribed for more than 114-million shares, at a price of A$50.2-million, to increase its stake in Jervois from 13.5% to 15%.

the retail component of the entitlement offer will close on August 25, and is expected to raise a further A$177-million.