https://www.miningweekly.com

Valence raises cash to fund expansion

18th September 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed graphite miner and manufacturer Valence Industries would look to raise about A$15-million in an institutional placement and share purchase plan (SPP) to fund the Phase 2 expansion of its operations.

Valence on Thursday reported that it would issue more than 17.1-million shares, at a price of 70c each, to institutional and sophisticated investors, to raise an initial A$12-million.

An SPP would then be offered to all eligible shareholders, also priced at 70c a share, to raise a further A$3-million.

The offer price of 70c a share was a 13.6% discount to Valence’s last closing price, and was equal to the company’s 20-day volume weighted average price.

Valence noted that the funds raised from the placement and the SPP would be applied to advance the company’s growth programmes, including optimising a feasibility study on the Phase 2 expansion, which would see production increase from 14 000 t/y to 60 000 t/y.

The company would also revise the mineral resource on the completion of infill drilling, optimise the proposed Uley Pit 2 and mining plan, assess the required miner processing and manufacturing changes for the Phase 2 plant, and assess the graphite flake size and product characteristics of the new grades of material and the potential applications and associated market opportunities.

Edited by Creamer Media Reporter

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.101 0.142s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: