Evolution shareholders approve BTR investment

Shareholders of Evolution Energy Minerals (ASX:EV1) have voted in favour of a $3.62 million investment from China-based battery anode specialist BTR New Material Group.

This marks the final approval necessary for the investment to go ahead, meaning Evolution is now set to issue to BTR 25.86 million shares at $0.14 per share — marking a 9.9% interest in the Australian graphite company.

Shareholders voted 99.96% in favour of the deal.

The parties have agreed to adjust the issue price of the shares under the BTR Investment to $0.14, the equivalent price of the company’s most recent capital raising. The change in the issue price will result in BTR investing $3.62 million into Evolution for a 9.9% interest in the company.

BTR’s investment is now unconditional, other than obtaining the approval of Evolution shareholders and no material adverse event occurring in respect of Evolution.

A meeting of Evolution shareholders to approve the issue of shares to BTR is expected to take place in late February 2024, immediately after which BTR will transfer funds. at Mining.com.au

Images: Evolution Energy Minerals
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.