- Minerals processing company Zeotech (ZEO) has secured $3.7 million through a placement for its pilot plant program
- The company issued over 52 million shares at 7 cents each, an 11.4 per cent discount to the last traded price
- Funds will be used to upgrade the current single-feed kaolin pilot plant program to a dual-feed pilot, advance the existing carbon capture research program and further expand research opportunities
- On the market today, Zeotech is down 1.28 per cent and is trading at 7.7 cents per share
Zeotech (ZEO) has secured $3.7 million through a placement for its pilot plant program.
The minerals processing company issued over 52 million shares at 7 cents each, an 11.4 per cent discount to the last traded price.
Funds will be used to upgrade the current single-feed kaolin pilot plant program to a dual-feed pilot, advance the existing carbon-capture research program and further expand research opportunities.
“The company is delighted by the overwhelming support for the capital raising, highlighting investor and shareholder confidence in Zeotech’s future growth and enabling accelerated execution of its strategy,” Managing Director Peter Zardo said.
“Investment in the upgrade to a dual-feed pilot plant program, to include lithium process residue and further expansion of carbon capture studies, is an indication of early commercial interest in the company’s cleantech solutions and the future potential they present in creating shareholder value,” he added.
The pilot plant will allow Zeotech to produce customer-scale samples of suitable
quantities of synthetic zeolite product for potential end-users.
Earlier this year, Zeotech transferred a key intellectual property assignment from its development partner, the University of Queensland.
The intellectual property relates to a patent-pending mineral processing technology for the synthetic manufacture of zeolites, developed in partnership with the university.
On the market today, Zeotech is down 1.28 per cent and is trading at 7.7 cents per share at 12:26 pm AEST.