Clean TeQ raises A$15m for BFS
PERTH (miningweekly.com) – ASX-listed Clean TeQ Holdings will raise A$15-million through a share placement to complete the bankable feasibility study (BFS) at its Syerston nickel and cobalt project, in New South Wales.
An initial 33.33-million shares will be issued to an institutional investor, at a price of 39c a share, to raise an initial A$13-million.
An additional 5.1-million shares will be issued to a number of other institutional investors, also priced at 39c a share, to raise a further A$2-million.
Clean TeQ said on Thursday that the placement price represented a 2.4% premium to the company’s ten-day volume-weighted average price, and the shares would be issued under the company’s placement capacity.
The company will use proceeds from the raising to fund the BFS at the Syerston project, as well as for general working capital. The BFS is now fully funded to completion, and is on track for release in the fourth quarter of 2017.
While the BFS is being completed, the company will undertake a range of activities to secure financing for the development of Syerston, including progressing a range of options in relation to offtake finance, project level financing and debt financing.
A prefeasibility study into the Syerston project has estimated a capital cost of $680-million to deliver average production of 18 730 t/y of contained nickel metal equivalent and 3 222 t/y of contained cobalt metal equivalent.
Mining personality Robert Friedland is a large shareholder in Clean TeQ.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation