AVL shakes the tin to fund BFS
PERTH (miningweekly.com) – ASX-listed Australian Vanadium will raise A$8.7-million to complete a bankable feasibility study on its namesake vanadium project, and finalise the design and build of Australia’s first vanadium redox flow battery electrolyte supply plant.
The company would place 348-million shares, at a price of 2.5c each under its existing placement capacity, and would issue one free attaching listed option for every share issued, exercisable at a price of 2.5c each and expiring in December 2022.
The offer price represents an 11% discount to the company’s 15-day volume weighted average share price, and a 13.9% discount to its last closing price.
“The strong demand from investors for Australian Vanadium supports the view that the company is now seen as the next global producer of vanadium based in Australia,” said MD Vincent Algar.
“The funds will allow us to add further value to the company as we complete our bankable feasibility study and move the company towards final financial decision, approval and construction. The year ahead looks positive for vanadium in both steel and battery sectors. The funds raised through the placement puts the company in a strong financial position to deliver and realise further value for all stakeholders.”
The Australian Vanadium project, in Western Australia, has been granted federal Major Project status and State Lead Agency status by the Western Australian government.
An updated prefeasibility study previously estimated that the project would require a capital investment of $253-million, producing some 24.3-million pounds of vanadium products annually, over a mine life of 25 years.
The project is estimated to have a pre-tax net present value of A$909-million and an internal rate of return of 17.5%.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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
