- Talga Group (TLG) raises $40 million through an institutional placement to fund early works at its Vittangi anode project in Sweden
- The raise will also fund scaled-up electric vehicle anode (EVA) production, silicone anode scale-up and provide general working capital
- Talga will issue around 25.8 million shares at $1.55 each, to raise the funds — an 11.5 per cent discount to its 20-day volume weighted average price (VWAP) of $1.75
- The company says the placement was strongly supported by leading domestic and global institutions
- Shares in TLG are down 14.7 per cent, trading at $1.60 at 12:50 pm AEDT
Talga Group (TLG) has raised $40 million through an institutional placement to fund early works at its Vittangi anode project in Sweden.
The funding will also go towards scaled-up electric vehicle anode (EVA) production, silicone anode scale-up and provide general working capital.
The company will issue just under 26 million shares at $1.55, representing an 11.5 per cent discount to its 20-day volume weighted average price (VWAP) of $1.75.
Talga said the raise was “strongly” supported by a range of leading domestic and global institutions.
“The strong demand from global and domestic institutional investors highlights the quality of Talga’s graphite anode projects and battery material technologies,” Talga Managing Director Mark Thompson said.
The Vittangi anode project early works will include earthworks and site infrastructure at the Luleå anode refinery site.
“I thank shareholders for their support during this period of transformational development, and we look forward to delivering on targeted permitting, financing and commercial milestones throughout the year,” Mr Thompson added.
The company said its placement was oversubscribed, supported by sophisticated, professional and institutional investors.
Shares in TLG were down 14.7 per cent and trading at $1.60 at 12:50 pm AEDT