- Talga Resources (TLG) has received firm commitments from institutional, sophisticated and professional investors to raise $10 million
- 20 million new fully paid ordinary shares will be issued at 50 cents each — representing a 7.2 per cent discount to the 20-day volume-weighted average price
- Talga is developing a graphite anode facility in Sweden, where it will produce ultra-low emission coated anode for lithium-ion batteries
- Specifically, Talga will use the funds to scale-up production of Talnode-C samples, progress a feasibility study for its Vittangi Anode Project, conduct drilling and for general working capital
- Company shares have dropped a slight 1.24 per cent and are trading for 59.8 cents
Talga Resources (TLG) has received firm commitments from institutional, sophisticated and professional investors to raise $10 million.
20 million new fully paid ordinary shares will be issued at 50 cents each. The issue price represents a 7.2 per cent discount to the 20-day volume-weighted average price.
The battery anode and graphene company claims it has raised more than it intended as the placement was strongly supported. Talga attributes this to its graphite anode facility that is under development in Sweden. The facility will produce ultra-low emission coated anode for greener lithium-ion batteries.
Talga will source the graphite for the facility from the Nunasvaara South flake deposit, near the region of Vittangi.
“This strategically sized placement will enable Talga to execute the next steps in building its Li-ion anode production facilities in Europe, while maintaining a tight capital structure to provide shareholders best leverage to project success,” Managing Director Mark Thompson said.
Specifically, Talga will scale-up manufacturing of Talnode-C samples for larger automotive customers, progress the detailed feasibility study for its Vittangi Anode Project and conduct, infill and geotechnical drilling to better define the tonnage potential of the Vittangi project.
Additionally, Talga will put the funds towards general working capital.
The placement is expected to settle on Tuesday, August 25.
Company shares have dropped a slight 1.24 per cent and are trading for 59.8 cents each at 11:10 am AEST.