13/12/2019 - 11:54

Talga raises additional $3m for Vittangi project

13/12/2019 - 11:54

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Talga raises additional $3m for Vittangi project
Mark Thompson says proceeds will aid development of the Vittangi project. Photo: Attila Csaszar

Talga Resources has raised $3.25 million from an institutional placement, following the announcement of a $6 million raising from an oversubscribed share purchase plan earlier this week.

That brings funding for development of Talga’s Sweden-based Vittangi graphite anode project to $9.45 million.

Talga managing director Mark Thompson said proceeds from the SPP and placement would provide the company with enhanced financial and strategic flexibility in progressing development of Europe’s first integrated lithium-ion battery anode supply.

Non-executive chairman Terry Stinson said the oversubscription was demonstration that shareholders had strong support for Talga’s strategic direction.

“To honour this support, the board has decided to accept all oversubscriptions to allow shareholders to take up their full entitlement,” he said.

“On behalf of the company I would to thank all our shareholders.”

A total of 14,106,318 ordinary shares will be issued today as a result of the SPP, and will commence trading on the ASX on December 16.

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