PERTH (miningweekly.com) – ASX-listed Talga Resources has now raised A$9.45-million through the completion of an institutional placement and share purchase plan (SPP)
The company in November announced an initial A$3.25-million raising through a share placement to existing and new institutional investors, and at the time also launched an SPP to raise an additional A$3-million.
Talga on Friday told shareholders that the SPP had received strong support from eligible shareholders, and had exceeded the discretionary target of A$3-million, with valid applications totalling some A$6.2-million.
Talga has decided to accept the oversubscription of around A$3.2-million shares.
MD Mark Thompson has previously said that funds raised will go towards the scale-up of Talga’s Talnode-C anode market sample production, the definitive feasibility study on its Vittangi Stage 1 project, and to advance Talga’s north Sweden projects.
“The proceeds from the SPP, together with the proceeds from the placement, will provide Talga with significantly enhanced financial and strategic flexibility as we progress development and look to embark on executing our plan to build Europe’s first integrated lithium-ion battery anode supply,” Thompson said.