Talga Group has announced the completion of an institutional placement of A$40 million (around USD$27,316,000) from the issue of 25.8 million new fully paid ordinary Talga shares. The oversubscribed Placement, managed by Euroz Hartleys Limited, was reportedly supported by a range of new and existing sophisticated, professional and institutional investors.
The proceeds will be used to fund Vittangi Anode Project early works, including earthworks and site infrastructure at the Luleå anode refinery site, commencement of procurement of anode equipment and detailed engineering, scaled up EVA production, silicon anode scale-up including securing commercial site, and general working capital (including costs of the Placement).
Talga Managing Director, Mark Thompson, commented: “The strong demand from global and domestic institutional investors highlights the quality of Talga’s graphite anode projects and battery material technologies. I thank shareholders for their support during this period of transformational development and we look forward to delivering on targeted permitting, financing and commercial milestones throughout the year.”
