(Alliance News) – Technology Minerals PLC on Monday said it has raised GBP2.5 million from a “new high net worth investor”.
The battery metals developer said the fundraising consist of a subscription for 80.0 million new shares at a price of 1 pence per share, for a total amount of GBP800,000.
Technology Minerals shares were up 5.7% at 0.93p each in London on Monday afternoon.
The company will also issue GBP1.7 million in convertible unsecured loan notes. The convertible loan notes carry a coupon of 12% per year for a term of two years from issue and are convertible into Ordinary Shares at 3.5 pence per share.
Technology Minerals said it will use the funds to strengthen its position, supporting further work to enhance the value of its battery metals mining assets, capital requirements and operating costs as the company continues to develop its twin-track strategy to create a circular economy for battery metals.
Chief Executive Officer Alex Stanbury said: “It comes at an exciting time with our mining assets progressing well and Recyclus in the final stages of securing EA approval to begin automated industrial-scale operations at the lithium-ion battery recycling plant. The funds strengthen our foundations as we pursue our twin-track strategy to create a circular economy for battery metals essential to the global transition to electrification.”
By Sophie Rose, Alliance News reporter
Comments and questions to email@example.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.