PERTH (miningweekly.com) - Junior Alpha HPA will raise A$7-million to advance its HPA First project, in Queensland.
The share placement to sophisticated investors will be priced at 14.5c each, and proceeds from the raising will go towards funding the company’s production of high purity alumina (HPA) for market outreach and the financing and permitting for the HPA First project.
“The company is delighted with the support of existing shareholders as well as welcoming some new high quality institutional investors. This outcome ensures the company is able to maintain a very strong balance sheet to complete the permitting, offtake and financing of the HPA First project and continue to deliver commercial test samples of HPA and boehmite product to potential end users as part of its ongoing market outreach programme,” said MD Rimas Kairaitis.
The HPA First project is expected to require a capital investment of A$308-million, producing 10 000 t/y HPA.