Proactive Investors - Run By Investors For Investors

Technology Metals secures $4.55 million in share placement

Funds will progress the DFS on the Gabanintha Vanadium Project in Western Australia.
toy blocks that spell the word FUNDING
TMT is currently preparing a resource update for the project

Technology Metals Australia Ltd (ASX:TMT) has raised $4.55 million through the issue of 17.51 million shares priced at 26 cents in a fully subscribed share placement.

Placement shares will come with a one-for-two attaching option exercisable at 40 cents expiring 24 May 2020 – subject to approval from shareholders at an upcoming general meeting.

Funds will be used to advance the definitive feasibility study (DFS) on its 100% owned Gabanintha Vanadium Project in Western Australia.

TMT’s managing director Ian Prentice said: “We are very pleased to welcome new shareholders to the register and thank our existing shareholders for their ongoing support, with funds raised to be applied to the advancement of the high quality DFS on the world class large, long life, low cost Gabanintha Vanadium Project.

READ: Technology Metals Australia Ltd preparing vanadium resource update ahead of mid-year DFS

After recently receiving results from a 45-hole drilling program the company is preparing a resource update for the Gabanintha Vanadium Project.

This estimate, which will include base metals, will form part of the funded DFS for the project with completion of this expected by mid-2019.

Gabanintha’s current resource consists of 98.4 million tonnes at 0.8% vanadium in the Northern Block and 21.5 million tonnes at 0.9% vanadium in the Southern Tenement.

View full TMT profile View Profile

Technology Metals Australia Ltd Timeline

Related Articles

Hayes Creek and Burnside projects in the NT
February 06 2019
The Northern Territory is PNX’s focus as exploration efforts move indoors during the wet season.
Platina’s scandium oxide sample
April 10 2019
Products derived from Platina’s scandium can produce master alloy material.
Chris Giles signs the Kalkaroo Native Title Mining Agreement
January 15 2019
Kalkaroo is Australia’s largest undeveloped open pit copper-gold deposit on a copper-equivalent basis.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use