Neometals (ASX:NMT) has raised an additional $3.1 million via an entitlement offer to fund lithium chemical research and development activities, as well as Primobius LIB recycling development.
Announced on 21 November 2023, the $109.11 million market capitalisation company conducted an entitlement offer and placement.
The placement raised $9 million via the issue of 36.8 million new shares, while the entitlement offer issued 11.3 million new shares at the issue price of $0.19 per new share.
Proceeds will also be directed towards vanadium and titanium business units and general working capital.
The new shares under the offer are expected to be issued on 15 December, with the normal trading of those new shares expected to begin on 18 December.
Neometals is an ASX-listed innovative battery materials recycler focused on its 3 core business units.
Write to Aaliyah Rogan at Mining.com.au
Images: Neometals
