Neometals Ltd, an innovative battery materials recycler, has announced the results of its non-renounceable pro-rata entitlement offer. The offer, which closed on December 8, received applications from eligible shareholders for 11,390,238 new fully paid ordinary shares at an issue price of A$0.19 per share. This represents approximately 16.5% take up. Eligible shareholders were also given the opportunity to apply for additional shares at the same price under the Top Up Facility. The total funds raised from the entitlement offer, combined with a previous placement to institutional investors, amount to approximately A$12.1 million.
The proceeds from the offer will be directed towards various activities, including the Primobius LiB recycling development, lithium chemical research development activities, and the vanadium and titanium business units. Additionally, the funds will be used for working capital, corporate expenses, and offer costs.
The new shares issued under the entitlement offer are expected to be issued on December 15, with trading of those shares commencing on December 18.
This announcement was authorized for release by the Board of Neometals.