Element 25 Ltd (ASX:E25) has closed its share purchase plan (SPP) announced on July 6 heavily oversubscribed after receiving applications worth in excess of $3.2 million, more than double the original target.
Although the SPP booklet outlined the company was seeking to raise $1.5 million, the board has decided to use its discretion under the terms of the SPP and accept all shareholder applications.
Funds to accelerate Butcherbird
Element 25 will allot new shares in the capital of the company under the SPP and thanks all shareholders who participated for their ongoing support and commitment.
Funds raised will allow the company to accelerate the development of its world-class Butcherbird Manganese Project in Western Australia.
“Strong show of support”
Managing director Justin Brown said: “The fantastic response from shareholders is welcomed by the board and I would personally like to thank all participating shareholders for their strong show of support.
“The result balances nicely the interest of existing shareholders with those of new shareholders who joined the register in the placement completed earlier this month.”
Element 25 is developing the Butcherbird project to produce high-quality manganese concentrate and high-purity manganese products for traditional and new energy markets.