Technology Metals Ltd (ASX:TMT) has completed a placement of almost 13.7 million shares at a price of 15 cents per share to raise more than $2.054 million before costs.
Participants of the placement received a 1 for 2 free attaching option exercisable at 25 cents on or before June 15 2022.
Funds to advance Gabanintha project
Funds raised will be spent towards progressing development of the Gabanintha Vanadium Project, including advancing environmental work in support of the preparation of an Environmental Review Document (ERD) as well as for general working capital.
Drilling required to fully evaluate the good quality water source identified in a paleochannel to the northwest of the processing facility prior to submission of the ERD is expected to start early in the September quarter.
Supported by new and existing investors
The placement was well supported by new and existing sophisticated and strategic investors.
This included an initial investment by Xu Jinfu, the chairman and major shareholder of Guangzhou Tinci Materials Technology Co Ltd, a leading manufacturer and marketer of battery materials.
The strategic investors collectively have a wealth of experience and investments within the rapidly emerging battery metals markets.
Technology Metals has compiled a Gabanintha Vanadium Project Flyover and 3D Animation video.
The video provides an indication of the scale, quality and technical advantages of the project and highlights the level of detailed work undertaken in the high-quality definitive feasibility study completed in August 2019.