17/03/2014 - 10:57

Talga unveils equity raising

17/03/2014 - 10:57

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Talga Resources has received commitments to raise up to $1.7 million, which has been earmarked for the ongoing development of its graphite projects in Sweden.

Talga unveils equity raising

Talga Resources has received commitments to raise up to $1.7 million, which has been earmarked for the ongoing development of its graphite projects in Sweden.

The Perth-based company said it would issue 20 million shares at 8.5 cents per share to sophisticated investors to raise the funds.

Managing director Mark Thompson said the proceeds would be used to complete up-scaling tests on graphene produced from its Nunasvaara deposit in Sweden, as well as further metallurgical test work at Nunasvaara and its second project, Raitajarvi, also in Sweden.

“With the new funds and support, we will soon commence up scaling the Nunasvaara test work to measure both graphite and graphene yield characteristics,” Mr Thompson said.

The data from the test work will be used to calculate initial capital expenditure and potential production costs at Nunasvaara, which would incorporate a dual graphite-graphene focus into the preliminary economic assessment.

Talga share price jumped as much as 24% in early morning trade to as high as 12 cents per share following the announcement.

The share placement is expected to be completed on Thursday, March 20.

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