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LONDON – Reed Smith has advised Peel Hunt, Berenberg, SP Angel, and Hannam & Partners in connection with Cornish Metals plc’s proposed £135 million fundraising to support the development of its South Crofty tin project in Cornwall, UK.
Cornish Metals, an AIM-listed mineral exploration and development company, intends to use the proceeds to advance the South Crofty mine towards its targeted first production in mid-2028.
The proposed fundraising comprises a conditional placing with institutional investors, direct subscriptions from existing and new investors, including Glencore, the National Wealth Fund, and Vision Blue Resources, and a retail offer through RetailBook.
Alongside the fundraising, Cornish Metals has entered into a six-year offtake agreement with Glencore for 100% of the tin concentrates produced at South Crofty, with deliveries expected to commence in 2028.
The fundraising follows Cornish Metals’ successful $210 million Nordic bond financing announced in May 2026 and remains subject to shareholder approval and other customary conditions.
Peel Hunt and Berenberg are acting as joint bookrunners, with SP Angel and Hannam & Partners acting as placing agents.
The Reed Smith team comprised Samantha Myers, Alex Davidson, and Freddie Whittle from the firm’s equity capital markets practice, alongside Brigid North, Charlotte MacArthur, and Julia Berry from its real estate and planning practice.
About Reed Smith
Reed Smith is a dynamic international law firm dedicated to helping clients move their businesses forward. With an inclusive culture and innovative mindset, we deliver smarter, more creative legal services that drive better outcomes for our clients. Our deep industry knowledge, long-standing relationships and collaborative structure make us the go-to partner for complex disputes, transactions, and regulatory matters.
