Neometals Ltd (RRSSF) has announced the successful closure of a share placement, raising AUD9.0 million to propel its Primobius recycling development and other sustainable battery material projects.
The London-based company issued 47.4 million new shares, securing funds equivalent to GBP4.7 million. Managing Director Chris Reed expressed gratitude for the oversubscription and the backing from new investors, emphasizing the placement’s role in fulfilling current and future orders and advancing commercialization efforts through strategic partnerships and technology licensing.
In addition to the placement, Neometals is 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 available in an upcoming offer booklet.
Funds from both the placement and entitlement offer, supplemented by existing cash reserves, will primarily support the Primobius lithium-boron recycling initiative, lithium chemical research, and the development of vanadium and titanium divisions, as well as cover working capital and corporate expenses.
Despite the financial boost, Neometals shares saw a decline, trading 9.0% lower at 10.92 pence in London and closing down 18% at AUD0.21 in Sydney. The company’s market cap stands at AUD113.4 million.
Company Website: https://www.neometals.com.au
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