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- Future Battery Minerals (FBM) is raising $7.6 million through a well-supported placement to institutional and sophisticated investors
- Hancock Prospecting, a cornerstone investor, has committed to inject $2.65 million as part of the capital raise
- The company plans to accelerate exploration in its Kangaroo Hills and Nevada lithium projects
- FBM shares are up 13 per cent, trading at 13 cents at 11:58 am AEST
Future Battery Minerals (FBM) has secured $7.6 million through a well-supported placement to institutional and sophisticated investors.
The company intends to utilise this funding to expedite exploration activities at its Kangaroo Hills lithium project (KHLP) in Western Australia and the Nevada lithium project (NLP) in the United States.
This financial backing comes from a range of investors, including the renowned Hancock Prospecting, which committed $2.65 million to the capital raise.
The funds will be directed towards completing the phase three reverse circulation (RC) drill program, covering 7000 metres to date, with assay results pending for approximately 50 holes at KHLP.
Diamond drill (DD) testing at the Big Red and Rocky prospects, along with ongoing metallurgical assessments, will also continue.
The placement comprises two tranches.
The first tranche will issue 51,950,424 shares, raising $5,195,042, while tranche two will issue 23,850,000 shares, raising $2,385,000, subject to shareholder approval at the AGM slated for mid-November.
“We are fully funded to accelerate exploration and development at both the Kangaroo Hills and Nevada Lithium projects,” FBM Executive Chairman Mike Edwards said.
FBM was up 13 per cent, trading at 13 cents at 11:58 am AEST.
