Technology Metals is raising $8 million from a share placement, which will go towards a feasibility study for its Yarrabubba iron-vanadium project in Western Australia.
Technology Metals Australia is raising $8 million from a share placement, which will go towards a feasibility study for its Yarrabubba iron-vanadium project in Western Australia.
The study is scheduled to complete in the third quarter of 2021.
The funds raised will also be used to advance environmental approvals for Tech Metals’ Gabanintha vanadium project.
Managing director Ian Prentice said the company received strong support for the placement.
“The strength of this capital raising is a very strong endorsement of the company’s strategy in regard to the progression of Yarrabubba and the management team is very excited about executing the planned workstream to deliver on the potential of this project,” Mr Prentice said.
Tech Metals will issue about 22.9 million shares priced at 35 cents each, with Bridge Street Capital Partners and Cumulus Wealth acting as joint lead managers to the placement.
Tech Metals plans to raise a further $2 million under a share purchase plan, also priced at 35 cents.
Its shares closed down 14 per cent to trade at 36 cents.