logo-loader
viewTechnology Metals Australia Ltd

Technology Metals raises $2 million to progress Gabanintha Vanadium Project development

The board of the company intends to participate in the placement pending shareholder approval at an upcoming general meeting.

Technology Metals Australia Ltd - Technology Metals Australia completes placement for funds to develop the Gabanintha Vanadium project
The placement of almost 19 million fully paid ordinary shares at 11 cents per share has raised $2,083,350

Technology Metals Australia Ltd (ASX:TMT) has raised in excess of $2 million in a placement which will help progress the development of the Gabanintha Vanadium Project in WA.

The placement of 18,939,545 fully paid ordinary shares at a price of 11 cents per share has raised $2,083,350 before costs.

TMT welcomes the placement support from new and existing high net worth investors and is pleased to welcome strategic domestic and international investors on to the register.

These strategic investors offer an opportunity to deepen the company’s relationships in Asia with a wealth of experience and contacts in TMT’s key markets as well as having investments and operational experience within the rapidly emerging battery metals markets

The issue price represents a 13.94% discount to the 15-day trading Volume Weighted Average Price of the shares of 12.7 cents.

Board participation

The company's board intends to participate for up to $60,500 on the same terms as the placement for up to 550,000 fully paid ordinary shares, subject to shareholder approval at a forthcoming general meeting of shareholders.

If approval is granted, the shares will be issued to the respective directors following the meeting.

The company completed a definitive feasibility study into the development of the Gabanintha Vanadium Project in August 2019 and is progressing offtake and financing discussions.

Quick facts: Technology Metals Australia Ltd

Price: 0.125 AUD

ASX:TMT
Market: ASX
Market Cap: $13.36 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Technology Metals Australia Ltd named herein, including the promotion by the Company of Technology Metals Australia Ltd in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Technology Metals executes MoU for potential offtake with Chinese vanadium...

Technology Metals Australia Ltd (ASX:TMT) managing director Ian Prentice updates Proactive on the execution of a Memorandum of Understanding (MoU) for a potential offtake with leading Chinese vanadium nitrogen alloy producer, Shaanxi Fengyuan Vanadium Technology Development Co Ltd. The MoU...

on 3/10/19

2 min read