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Element 25 in trading halt ahead of capital raising announcement

The company sold the Cummins Range Rare Earth Project for total consideration of $3 million to RareX Limited in 2019 and has now received the second tranche payment.

Element 25 Ltd - Element 25 in trading halt ahead of capital raising
Element 25 is in talks with Pilbara Ports for access to the Utah Point stockpile and port facilities at Port Hedland.

Element 25 Ltd (ASX:E25) has been granted a trading halt by the ASX with a capital raising announcement upcoming.

The trading halt will remain in place until the beginning of trade on Tuesday, October 13, or when an announcement is released to the market, whichever occurs earliest.

E25's market cap and shares have been on the rise since the announcement during the recent Tesla Battery Day that the EV manufacturer intends to use more manganese in future batteries.

The market cap is today sitting at approximately $100 million while shares last traded at 85 cents, having risen from 57.5 cents at the market close on September 11.

Boosts finances for manganese development

On October 6 the company received a payment of $1 million in relation to the deferred consideration for the sale of Cummins Range Rare Earth deposit to RareX Ltd (ASX:REE).

The sale funds will be used to progress the Butcherbird Manganese Project, which is in development.

Element 25 sees 2020 as a transformational year despite the difficult circumstances, with progress made and more work planned for the Butcherbird project in Western Australia.

The progress achieved in difficult circumstances is reflected in the company's share price, market capitalisation and positive profile.

Quick facts: Element 25 Ltd

Price: 1.235 AUD

ASX:E25
Market: ASX
Market Cap: $163.5 m
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