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- Battery Minerals (BAT) receives firm commitments to raise almost $2.7 million through a share placement to fund exploration programs at its Australian projects
- Battery Minerals will issue the shares at 1.1 cents each in one tranche, which will rank equally with existing shares
- BAT says the proceeds of the raising will be used to fund exploration programs on its Stavely Stawell copper-gold project in Victoria and Russell copper project in the Kimberley in WA
- The company anticipates the shares will be issued by December 23 2021
- Battery Minerals dips 14.3 per cent, trading at 1.2 cents
Battery Minerals (BAT) has reportedly received firm commitments to raise almost $2.7 million through a share placement.
Battery Minerals will issue 243,995,373 shares at 1.1 cents per share in one tranche to professional, institutional, and sophisticated investors. These shares will rank equally with existing shares.
On completion of the placement, the company would have raised $2.68 million before costs.
Battery Minerals said the proceeds of the raise will be used to fund exploration programs on its Stavely Stawell copper-gold project in Victoria and Russell copper project in the Kimberley in WA.
Battery Minerals Managing Director David Flanagan said the successful capital raising marks an important step in ensuring the company’s exploration programs are well funded.
“We appreciate the fantastic support shown by our shareholders and new investors,” David Flanagan said.
“We look forward to rewarding them with exploration success from our two Australian exploration projects and generating shareholder value.”
The company anticipates the shares will be issued by December 23 2021.
Battery Minerals dipped 14.3 per cent, trading at 1.2 cents at 1:16 pm AEDT.
