Battery Minerals raises $5.5m

Perth-based Battery Minerals is raising $5.5 million from a share placement to explore its recently acquired copper-gold tenements in Victoria.

Battery Minerals inherited the project after acquiring Gippsland Prospecting Pty Ltd last month.

The graphite company will issue about 250 million shares under the placement, priced at 2.2 cents per share.

Morgans Financial is acting as lead manager.

Battery Minerals is also seeking to raise a further $1 million from a share purchase plan.

Managing director David Flanagan said the raising was an important step in insuring an exploration program for the Victorian tenements.

Battery Minerals closed 10.7 cents lower to trade at 2.5 cents per share.