AFR: Element 25 wraps up $30m placement at 22pc discount
Manganese hopeful Element 25 Ltd has raised $30 million at $1.12 a share in a deal via Petra Capital and Blackwood Capital on Tuesday.
Investors said the brokers closed the books at 4pm Sydney time, and the company was considering a small increase to the amount raised.
The deal was at a 22 per cent discount to the last close and a 13.1 per cent discount to the 10-day VWAP, according to terms sent to fund managers.
Proceeds were pegged to fund a high purity manganese sulphate feasibility study at the company’s Butcherbird project in Western Australia, for engineering optimisation works and general working capital, the term sheet said.
The company’s pitched as a battery metals play and has told investors it is seeking to finalise offtake negotiations and financing strategies this year.
Element 25 had a $220 million market capitalisation and no substantial investors prior to the raising.
Source: The Australian Financial Review
