PERTH (miningweekly.com) – Graphite developer Renascor Resources will raise A$3.6-million to fund work streams at its Siviour battery anode materials project and at its Carnding gold project, in South Australia.
More than 324.8-million shares will be issued at a price of 1.1c each, along with one free attaching option with an exercise price of 2c each and a two-year expiry date.
The placement will be conducted under Renascor’s existing placement capacity, and will not require shareholder approval.
“This placement ensures the continued advancement of Renascor’s Siviour battery anode material project through the next stage of financing and offtake milestones, and also will enable meaningful technical progress on the Carnding gold project located in the highly prospective Central Gawler Craton,” said Renascor MD David Christensen.
“Despite the uncertainties created by Coivd-19, we are confident in the longer term demand for lithium-ion battery anode materials such as the purified spherical graphite we will produce from Siviour. Additionally, we are excited to now be able to move ahead with a greater depth and breadth of exploration and development at Carnding.”