Technology Metals Australia Ltd (ASX:TMT) (FRA:TN6) has completed a share purchase plan (SPP) for proceeds of $742,000 taking total capital raising funds to $8.742 million following a recent placement.
Applications were received from existing shareholders for $742,000 at an offer price of $0.35 per share under the SPP, which closed on Friday, December 11, 2020.
The SPP allowed eligible shareholders to apply for a maximum of $30,000 and a minimum of $2,000 worth of shares and follows the completion of an $8 million placement to new and existing strategic and sophisticated investors.
“Funded through to feasibility study”
Proceeds raised will be primarily used to fund activities and development at the company’s rapidly emerging Yarrabubba Iron-Vanadium Project, as well as to progress environmental approvals at the Gabanintha Vanadium Project and for working capital purposes.
Technology Metals managing director Ian Prentice said: “Having successfully completed the recent capital raising to existing and new strategic and sophisticated investors, we sincerely appreciate the support of our shareholders via their participation in the SPP.
“The capital raised through the combination of the $8 million placement and the SPP is expected to fully fund the company through to delivery of the Yarrabubba feasibility study, scheduled for completion late Q3 2021.”
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