Element 25 seeks $36m for Butcherbird

Element 25 has sought funding to expand manganese production at its Butcherbird Project south of Newman.

The project, which cost $17 million to bring online in its first stage of development, carries a manganese ore resource of more than 260 million tonnes.

Element 25 informed the market this afternoon that it had received commitments from investors to proceed with a $36 million raise to aid in the project's expansion.

Blackwood Capital will lead the placement of 16 million shares at $2.20 each.

Shares in the company closed today at $2.68.