Technology Metals Ltd (ASX:TMT) board of directors have demonstrated their support for the company by participating in a placement following shareholder approval received on May 4.
All directors purchased shares on May 11 for 11 cents per share to raise $59,762.
This completes the successful placement undertaken in January 2020 to progress the development of the Gabanintha Vanadium Project and for general working capital.
Director Sonu Cheema acquired 100,000 shares, increasing the total number of securities held after the change to 110,000 shares in a direct interest with another 10,000 in an indirect interest.
Non-executive chairman Michael Fry purchased 190,000 shares in an indirect interest, increasing the total of this interest to 200,000 shares.
Managing director Ian Prentice acquired 253,288 shares, bringing the total number of securities held in this indirect interest to 356,998 shares with another 225,000 held in a separate indirect interest.
Offtake and financing discussions
The company continues to progress offtake and financing discussions in support of the development of Gabanintha, highlighted by the announcement on April 27, 2020, of the signing of a Binding Offtake Agreement (BOA) with CNMC Ningxia Orient Group Company Ltd.
The sales under this agreement would generate annual revenue of A$50 million, or A$300 million over the full six-year term of the agreement, based on the current European V2O5 price.