ASX-listed Alpha HPA on Tuesday upsized its equity raising to facilitate the development of its high-purity alumina (HPA) refinery in Gladstone, Queensland, to A$175-million.
The company previously planned a A$120-million equity raising as part of a broader funding package for the Stage 2 project.
Alpha MD Rimas Kairaitis said that the company had received strong demand from existing shareholders, as well as several new domestic and global institutional investors.
Proceeds from the placement would be used to immediately start work on the Stage 2 project, including finalising detailed engineering, ordering long-lead items, starting civil and construction works and for general working capital purposes.
The placement comprises the issue of 194-million new shares at A$0.90 a share and will take place in two tranches.
The company's stock traded 4.5% down at A$0.95 a share on Tuesday.