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Technology Metals Australia in trading halt with equity raising news pending

The company recently signed an MoU with Big Pawer Electrical Technology Xiangyang Inc Co Ltd, marking a diversification of TMT’s customer base and scope to participate in downstream processing.

Technology Metals Australia Ltd - Technology Metals Australia in trading halt ahead of equity raising through share placement
Technology Metals is focused on developing the Gabanintha Vanadium Project

Technology Metals Australia Ltd (ASX:TMT) has been granted a trading halt by the ASX with an announcement pending in regard to a proposed equity raising by way of a share placement.

The halt will allow the placement to take place in an orderly manner and will be in place until the beginning of trade on Friday, June 5, or when an announcement is released to the market, whichever occurs earliest.

Shares last traded at 17.5 cents and are up from 6.1 cents at close on March 24.

MoU with leading VRFB company

TMT recently signed an MoU with a leading vanadium redox flow battery (VRFB) company aimed at setting up a vanadium offtake agreement and investigating VRFB manufacturing in Australia.

The MoU is with Big Pawer Electrical Technology Xiangyang Inc Co Ltd, which has VRFB research, development and manufacturing capabilities and has deployed VRFB systems to more than 20 locations globally.

It establishes the framework for a binding offtake agreement covering up to 5,000 tonnes annually of TMT’s proposed average 12,800 tonnes annual vanadium pentoxide V2O5 production from the Gabanintha project in WA’s Mid-West region.

The MoU also covers a joint venture to investigate the opportunity to produce vanadium electrolyte and establish a VRFB manufacturing base in Australia.

Quick facts: Technology Metals Australia Ltd

Price: 0.1975 AUD

ASX:TMT
Market: ASX
Market Cap: $24.17 m
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