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Technology Metals launches $2 million share purchase plan to further fund project development

Proceeds will fund activities and development at the Yarrabubba Iron-Vanadium Project and progress environmental approvals at the Gabanintha Vanadium Project.

Technology Metals Australia Ltd - Technology Metals Australia launches share purchase plan to further fund project development
The purchase price of 35 cents is the same as the recent placement that raised $8 million

Technology Metals Australia Ltd (ASX:TMT) has launched a share purchase plan (SPP) which allows eligible shareholders to subscribe for up to $30,000 worth of fully paid ordinary shares without having to pay brokerage or other transaction costs.

The SPP to raise up to $2 million is on the same terms as the recent placement for institutional and sophisticated investors for which total commitments of $8 million before costs have been received.

This provides shareholders with the opportunity to increase their holding of shares at the price of 35 cents per share - a 19% discount to the volume weighted average price.

Director participation

Directors of the company intend to participate in the offer in relation to their eligible shareholdings.

The company is seeking to raise up to $2 million with proceeds to fund activities and development at the Yarrabubba Iron-Vanadium Project, as well as progress environmental approvals at the Gabanintha Vanadium Project, and for working capital purposes.

Key terms

The offer is only made to eligible shareholders, who are required to be registered as a holder of shares as at 5pm (Perth time) on November 25, 2020, and whose registered address is in Australia or New Zealand.

The offer is also made to eligible shareholders who are ‘custodians’ to participate in the offer on behalf of certain eligible beneficiaries, subject to the terms and conditions.

 Participation in the offer is optional, however, shareholders cannot transfer their rights to purchase shares under the offer to anyone else.

Quick facts: Technology Metals Australia Ltd

Price: 0.345 AUD

ASX:TMT
Market: ASX
Market Cap: $51.54 m
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