04/04/2019 - 15:18

Battery metals juniors raise $15.5m

04/04/2019 - 15:18

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Listed companies Battery Minerals, Cassini Resources and First Graphene have completed share placements, with the proceeds to help fund their projects in the battery metals sector.

Battery metals juniors raise $15.5m
David Flanagan says the raising represents another step towards realisation of its Montepuez graphite project.

Listed companies Battery Minerals, Cassini Resources and First Graphene have completed share placements, with the proceeds to help fund their projects in the battery metals sector.

Battery Minerals said it received commitments for $5 million via a share placement at 2.5 cents per share, a 19 per cent discount to its closing price on Monday before it announced the placement.

Morgans Corporate and Hartleys were the joint lead managers to the placement.

The funds are set to go towards the development of the Montepuez graphite project in Mozambique, which has a capex of around $59.5 million.

Managing director David Flanagan said the raising represented another step towards realisation of the project.

“We look forward to rewarding them (shareholders) with the completion of project financing and development and ultimately success at Montepuez," he said.  

Richard Bevan-led Cassini Resources announced it raised $7 million in a share placement, via an issue of shares at a price of 10 cents each, which is the same price as its previous close.

The placement was cornerstoned by Guangzhou Tinci Materials Technology, and Cassini said the capital raised would ensure the feasibility study of its 49 per cent-owned West Musgrave nickel/copper project in the Musgrave province of Western Australia was fully funded.  

Oz Minerals owns the remaining 51 per cent of the project.

The placement was managed by Ashanti Capital, with DLA Piper acting as legal adviser.

First Graphene said it received firm commitments for a share placement to raise $3.5 million at an issue price of 15 cents each, a 16.67 per cent discount to its previous closing price of 18 cents each.

The graphine supplier said the funds would be used for general working capital purposes and to advance its facility at the Graphene Engineering Innovation Centre at the University of Manchester in England.

The company is waiting to register its PureGRAPH product range for sale in Australia, which is expected to happen by next month.

Shares in Battery Minerals closed trade down 16.13 per cent at 2.6 cents each.

Shares in Cassini were flat at 10 cents each at 3.30pm AEDT.

Shares in First Graphene closed trade up 5.88 per cent at 18 cents each.  

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