PERTH (miningweekly.com) – ASX-listed Talga will raise A$25-million to accelerate its Vittangi anode project, in Sweden.
The company on Tuesday announced that it would place some 17.24-million shares, at A$1.45 a share to institutional and professional investors under its existing placement capacity.
The offer price represented a 17.8% discount to Talga’s last trading price.
MD Mark Thompson told shareholders that proceeds from the raising would go towards the construction and operation of the electric vehicle (EV) anode pilot plant in 2021, as a key step in finalising the EV customer validation processes currently under way.
“The EV revolution is here and Talga is ideally positioned to build a new low cost, large scale graphite anode supply chain outside of Asia to serve the European and North American markets,” said Thompson.
“Our recently announced Niska scoping study confirms the scalability of our project and supports a 450% increase to our current European anode production plans, taking our planned total anode production to meet approximately 100 GWh of annual lithium-ion battery capacity in 2025/26.
“The unique properties of our Vittangi graphite deposit result is materially higher anode yields. This, in combination with access to low-cost 100% renewable power and proximity to our end customers, means that Talga will be able to deliver a graphite anode with a fraction of the emissions footprint compared to incumbent synthetic products.”