Alkemy Capital Investments PLC has successfully raised £650,000 through an oversubscribed placing of 650,000 new ordinary shares at a placing price of £1 per share. This includes a subscription of 50,000 shares at the placing price from director Sam Quinn. The net proceeds from the placing will be used to further the development of Tees Valley Lithium's lithium hydroxide processing facility in Teesside, UK, as well as for general working capital purposes. The company aims to secure mezzanine financing for the facility without diluting Alkemy's shareholders.

The placing is conditional upon an application for 650,000 Ordinary Shares to be admitted to the official list (Standard Segment) of the FCA and to trading on the Main Market of the London Stock Exchange. Admission is expected to occur on December 22, 2023. Following admission, the company's enlarged issued ordinary share capital will comprise 8,814,851 Ordinary Shares, with no shares held in treasury.

In addition to the placing, 52,000 broker warrants are being issued, exercisable at £1 per share for a period of 2 years from admission. Alkemy Director Sam Quinn expressed gratitude to all existing and new shareholders who contributed to the fundraise, emphasizing that the funds will enable the further development of TVL's lithium hydroxide processing facility. The company plans to use the funds to advance FEED (Front-End Engineering Design) and for general administrative purposes ahead of securing a non-dilutive mezzanine facility for TVL in early 2024.

Alkemy aims to establish the UK's first major independent and sustainable lithium hydroxide producer at the Wilton International Chemicals Park in Teesside, UK. The company appreciates the ongoing support from stakeholders and looks forward to a successful 2024.