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