24/03/2021 - 15:30

Element 25 seeks $36m for Butcherbird

24/03/2021 - 15:30

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

Element 25's Butcherbird manganese project cost $17 million in its first stage of development. Photo: Atilla Csaszar

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.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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