- Zeotech (ZEO) taps investors for $3 million to advance its existing sustainability projects
- The company will issue 65,217,395 shares at 4.6 cents apiece
- The placement was supported by high-quality new and existing domestic and international institutional investors
- Evolution Capital acted as Lead Manager for the placement and will receive six per cent in capital raising fees as well as 10 million options as remuneration
- Shares in ZEO are down 13.8 per cent to 5 cents at 3:02 pm AEST
Emerging mineral processing technology company Zeotech (ZEO) has tapped investors for $3 million to advance its existing sustainability projects.
The company announced it had secured firm commitments from sophisticated investors for the placement. It was also backed by high-quality new and existing domestic and international institutional investors.
Zeotech will issue 65,217,395 shares at 4.6 cents apiece.
The fresh funds offer a boost for Zeotech to execute its strategic initiatives and projects.
Evolution Capital has acted as Lead Manager to the placement and will receive six per cent in capital raising fees as well as 10 million options as remuneration.
Proceeds from the placement will primarily go towards advancing methane emissions control, nutrient management, and soil carbon research and a mining plan approval for its Toondoon kaolin mine in Queensland.
ZEO shares fell 13.8 per cent to 5 cents at 3:02 pm AEST.