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.
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.