- Talga Group (TLG) has upsized its recent capital raise from $10 million to $30 million after the share purchase plan (SPP) was heavily oversubscribed
- All up, $53.5 million in eligible applications were received by the battery anode company under the SPP, with shares on offer for $1.45 each
- Following the strong support, Talga decided to exercise its right to increase the size of the offer with a total of 20.7 million shares to be issued
- The new shares under the SPP will be issued on January 27, while scale-back refunds will occur on January 25
- Along with the $30 million SPP, Talga also bagged $25 million through a placement to investors last month
- All of the money raised under both offers will go towards Talga’s European projects, including the flagship Vittangi Anode Project
- Shares in TLG have ended Wednesday’s session up 1.56 per cent at $1.63 each
Battery anode business Talga Group (TLG) has upsized its recent capital raise from $10 million to $30 million.
The company said it decided to increase the amount offered under the share purchase plan (SPP) after it received $53.5 million worth of subscriptions.
That figures is five times the size of its original target and represents a participation level amongst eligible shareholders of around 53 per cent.
Following the strong support, Talga decided to exercise its right to increase the size of the SPP to $30 million.
TLG also cited the potential to bring forward a number of development opportunities as another key reason to expand the original offer.
Under the newly-extended SPP, a total of 20.7 million shares will be issued at $1.45 per share.
The new shares under the SPP will be issued on January 27, while scale-back refunds will occur on January 25.
Along with the $30 million SPP, Talga also bagged $25 million last month through a placement to sophisticated, professional and institutional investors.
All of the money raised under the two offers will go towards Talga’s European projects, including its flagship Vittangi Anode Project.
“We are excited to commence early-stage works on our Swedish flagship project and accelerate the development and commercialisation of the full range of Talnode products, including our silicon and solid-state anodes,” Managing Director Mark Thompson said.
Shares in TLG have ended Wednesday’s session up 1.56 per cent at $1.63 each.