Manganese hopeful Element 25 Ltd has raised $30 million at $1.12 a share in a deal via Petra Capital and Blackwood Capital on Tuesday.
Investors said the brokers closed the books at 4pm Sydney time, and the company was considering a small increase to the amount raised.The deal was at a 22 per cent discount to the last close and a 13.1 per cent discount to the 10-day VWAP, according to terms sent to fund managers.
Proceeds were pegged to fund a high purity manganese sulphate feasibility study at the company’s Butcherbird project in Western Australia, for engineering optimisation works and general working capital, the term sheet said. The company’s pitched as a battery metals play and has told investors it is seeking to finalise offtake negotiations and financing strategies this year.
Element 25 had a $220 million market capitalisation and no substantial investors prior to the raising. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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