Metals and mining SPAC Metals Acquisition files for a $250 million IPO

Metals Acquisition, a blank check company targeting green-economy-focused metals and mining businesses, filed on Monday with the SEC to raise up to $250 million.

The Fort Worth, TX-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain investors intend to purchase 26% of units in the offering. At the proposed deal size, Metals Acquisition would command a market value of $313 million.

The company is led by CEO and Director Michael McMullen, whose previous roles include serving as CEO of Detour Gold and Stillwater Mining, and Chair Patrice Merrin, the former CEO of Luscar and COO of Sherritt International. The company plans to target green-economy-focused metals and mining businesses in high quality, stable jurisdictions.

Metals Acquisition was founded in 2021 and plans to list on the NYSE under the symbol MTAL.U. The company filed confidentially on April 6, 2021. Citi is the sole bookrunner on the deal.