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 GBP4.7 million in the process. Managing Director Chris Reed expressed gratitude for the overwhelming support from new investors and the assurance that the flagship business is well-funded for current and future endeavors.
In addition to the placement, Neometals is launching a one for eight entitlement offer to raise an additional AUD13.1 million. Details will be available in an upcoming offer booklet.
Funds from both initiatives will support the Primobius lithium-boron recycling development, lithium chemical research, and other business units, ensuring robust working capital and covering corporate expenses.
Despite the positive financial move, Neometals shares saw a decline in both London and Sydney markets, with a current market cap of AUD113.4 million.
Company Website: https://www.neometals.com.au
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