Talga to raise $6.3m

15/11/2019 - 11:50

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West Perth-based Talga Resources is seeking to raise $6.25 million through a share placement and purchase plan, primarily to fund the development of its graphite project in Sweden.

Talga to raise $6.3m
Talga will use the funds raised to progress the development of its graphite project in Sweden.

West Perth-based Talga Resources is seeking to raise $6.25 million through a share placement and purchase plan, primarily to fund the development of its graphite project in Sweden.

The company said it would use the funds raised to progress the definitive feasibility study for the Vittangi graphite anode project and scale up its lithium-ion battery anode product (Talnode-C) for customer qualification.

Talga is looking to raise $3.25 million through the issue of approximately 7.4 million shares at 44 cents per share, with Canaccord Genuity (Australia) acting as lead manager to the placement.

Talga said the placement represents a 20 per cent discount to its last traded share price of 55 cents per share.

The company said it would raise a further $3 million through a share purchase plan to existing shareholders, with shares also issued at 44 cents per share.

Talga managing director Mark Thompson said the company plans to build Europe’s first integrated lithium-ion battery anode supply.

“Whilst working towards the best financing option for stage 1 of the Vittangi graphite anode project, we need to scale up Talnode-C customer qualification sample production and complete stage 1 definitive feasibility study work,” Mr Thompson said.

The funds raised will also go towards advancing other north Sweden projects for battery anode products and graphene additives, as well as increase process capacity at Talga’s pilot plant in Germany.

Shares in Talga Resources were down 14.18 per cent to trade at 47 cents per share, as at 2:10pm AEDT.

Meanwhile, Ora Gold said it is looking to raise $2 million through a share purchase plan, with shares issued to existing shareholders at 0.2 cents per share.

The funds raised will primarily be used for pre-development costs of the Crown Prince, Lydia and Abbotts gold projects in Western Australia.

Medical technology company Proteomics International Laboratories is looking to raise $3 million through the placement of 10.8 million shares at 2.8 cents per share, with Alto Capital acting as lead manager and Adelaide Equity Partners acting as corporate advisor to the placement.

The company said the proceeds would significantly strengthen its balance sheet, and be mostly applied to advancing the commercialisation of its PromarkerD product – a predictive test for diabetic kidney disease.

Shares in Proteomics were down 4.4 per cent to trade at 3.3 cents per share, while shares in Ora Gold were down 19.23 per cent to trade at 0.21 cents per share.

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