18/02/2019 - 10:25

Technology Metals raises $4.5m

18/02/2019 - 10:25

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Technology Metals Australia has secured $4.5 million via a share placement, with the funds set to advance the definitive feasibility study on its flagship Gabanintha vanadium project, located 40 kilometres south of Meekatharra.

Technology Metals raises $4.5m
Technology Metals' Gabanintha vanadium project is located 40 kilometres south of Meekatharra.

Technology Metals Australia has secured $4.5 million via a share placement, with the funds set to advance the definitive feasibility study on its flagship Gabanintha vanadium project, located 40 kilometres south of Meekatharra.

The Subiaco-based company raised the sum via the issuing of of 17.51 million shares at 26 cents each, in a placement that was fully subscribed.

The placement shares will come with a one-for-two attaching option exercisable at 40 cents, expiring in May 2020, subject to approval from shareholders at an upcoming general meeting.

PAC Partners and Patersons Securities acted as joint lead managers to the placement, and combined will receive $273,170 in fees, exclusive of GST.

Technology Metals managing director Ian Prentice said he was pleased with the result of the placement.

“We are very pleased to welcome new shareholders to the register and thank our existing shareholders for their ongoing support, with funds raised to be applied to the advancement of the high quality DFS on the world-class, long-life, low-cost Gabanintha vanadium project,” he said.

Last week, the company appointed David English as the project director at Gabanintha to oversee the DFS, which is expected to be completed by the middle of this year.

In October, the company raised $6 million to fund exploration activities at Gabanintha.

Shares in Technology Metals were down 3.3 per cent to trade at 29 cents each at 11.30am AEDT.

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