Technology Metals Raises $2 Million To Progress Gabanintha Vanadium Project Development

The board of the company intends to participate in the placement pending shareholder approval at an upcoming general meeting.

Technology Metals Australia Ltd - Technology Metals Australia completes placement for funds to develop the Gabanintha Vanadium project

The placement of almost 19 million fully paid ordinary shares at 11 cents per share has raised $2,083,350

Technology Metals Australia Ltd (ASX:TMT) has raised in excess of $2 million in a placement which will help progress the development of the Gabanintha Vanadium Project in WA.

The placement of 18,939,545 fully paid ordinary shares at a price of 11 cents per share has raised $2,083,350 before costs.

TMT welcomes the placement support from new and existing high net worth investors and is pleased to welcome strategic domestic and international investors on to the register.

These strategic investors offer an opportunity to deepen the company’s relationships in Asia with a wealth of experience and contacts in TMT’s key markets as well as having investments and operational experience within the rapidly emerging battery metals markets

The issue price represents a 13.94% discount to the 15-day trading Volume Weighted Average Price of the shares of 12.7 cents.

Board participation

The company’s board intends to participate for up to $60,500 on the same terms as the placement for up to 550,000 fully paid ordinary shares, subject to shareholder approval at a forthcoming general meeting of shareholders.

If approval is granted, the shares will be issued to the respective directors following the meeting.

The company completed a definitive feasibility study into the development of the Gabanintha Vanadium Project in August 2019 and is progressing offtake and financing discussions.