The raising comprises a three for ten non-renounceable pro-rata entitlement offer of new ordinary shares in OM Holdings at A$0.40 per new share.
The ASX-listed company is setting itself up to capitalize on growing manganese demand by investing about $600m in the Malaysian project.
OM Materials (Sarawak), a joint venture firm owned by OMH and Cahya Mata Sarawak, owns the Sarawak Project which has potential to generate average annual cash flows of $286m.
A debt syndication process worth $428m has begun and is scheduled to be completed in the second half of 2012 calendar year.
The project is likely to be 70% debt financed by a consortium of international and regional banks, with initial indicative funding participation amounts received from six major banks to date.
