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Element 25 more than doubles target with heavily oversubscribed SPP raising $3.2 million

The funds will enable E25 to place deposits for long-lead-time items and progress detailed engineering design and other activities associated with the development of the Butcherbird project.

Element 25 Ltd - Element 25 closes heavily oversubscribed SPP after raising $3.2 million
The Butcherbird Manganese Project near Newman, Western Australia, is Australia’s largest onshore manganese resource

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.

Quick facts: Element 25 Ltd

Price: 0.75 AUD

ASX:E25
Market: ASX
Market Cap: $88.26 m
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Element 25 'well funded' as it progresses PFS on Butcherbird manganese project

Element 25 Ltd's (ASX:E25) Justin Brown sits down with Proactive's Andrew Scott while at Mines and Money in London 2019. The company's flagship asset is the Butcherbird manganese deposit, which has been described as Australia’s largest onshore manganese resource. ''The PFS is around 90%...

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