Neometals Ltd (RRSSF) has successfully completed a share placement, securing AUD9.0 million to advance its Primobius recycling development and other sustainable battery material projects.
The London-based company announced the issuance of 47.4 million new shares, raising funds equivalent to GBP4.7 million. Managing Director Chris Reed expressed gratitude for the oversubscription and the support from new investors, emphasizing the placement’s role in funding the flagship business and furthering the commercialization of additional ventures through partnerships and technology licensing.
Neometals’ Strategic Funding Initiatives
Neometals is also launching a one for eight pro rata entitlement offer in Australia and New Zealand, aiming to raise an additional AUD13.1 million. Details will be provided in an upcoming offer booklet.
The combined proceeds from the share placement and entitlement offer, supplemented by existing cash reserves, will primarily support the Primobius lithium-boron recycling development, lithium chemical research, and the expansion of vanadium and titanium business units. These funds will also cover working capital, corporate, and offer-related expenses.
Despite the successful funding round, Neometals shares experienced a downturn, trading 9.0% lower at 10.92 pence in London and closing down 18% at AUD0.21 in Sydney.
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Company Website: https://www.neometals.com.au
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