PERTH (miningweekly.com) – Junior Battery Minerals will raise A$5-million through a share placement to progress its Montepuez graphite project, in Mozambique.
Battery Minerals will issue 204-million shares at a price of 2.5c each to profession and institutional investors. The shares will be issued in two tranches, with the second tranche subject to shareholder approval.
Placement investors will receive one listed option, exercisable at 10c each, for every two shares subscribed for. The options are already quoted and can be traded on the ASX.
MD David Flanagan said on Thursday that the fund raising marked another step towards the realization of the Motepuez project.
“We were overwhelmed with the support shown by a range of existing shareholders and new investors. We look forward to rewarding them with the completion of project financing and development, and ultimately success at Montepuez.”
The proceeds of the raising will be used to continue the ongoing development of the graphite project, and for general working capital.
Battery Minerals is currently working to complete financing for the planned 50 000 t/y Stage 1 project, with some $42-million of financing still outstanding.