ABx Group (ASX:ABX) announces its share purchase plan (SPP) to raise $500,000 has opened for eligible shareholders to participate.
Eligible shareholders can now apply for up to $30,000 of new fully paid ordinary shares without incurring brokerage or other transaction costs.
The SPP price is at $0.08, which represents a premium of 2.4% to the 30-day volume weighted average price (VWAP).
As previously reported, the $17.44 million market capitalisation company is conducting the SPP to advance its rare earths project in Tasmania, as well as general working capital.
The SPP is expected to close on 21 December 2023 and the allotment and issue of new shares are expected on 2 January 2024.
The company’s rare earths resource is a true ionic adsorption clay deposit in Tasmania, Australia.
ABx Group is a high-tech Australian company focused on delivering materials for a cleaner future which include rare earths, bauxite, hydrogen fluoride and aluminium fluoride.
As of 30 September 2023, the company had $6.87 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: ABx Group
