Neometals Ltd has successfully executed a subscription agreement to raise approximately US$3 million through the issue of 66,666,666 new ordinary fully paid shares at an issue price of US$0.045 per share. The placement proceeds will be utilized to support the flagship Lithium-ion Battery (LiB) Recycling business through the industrial validation stage. Following the completion of the placement, the company will have a net cash balance of A$9.3 million.
The subscription agreement involves existing long-term shareholder Mr. William Robert Richmond, who has subscribed for approximately US$3 million in ordinary fully paid shares at US$0.045 per share. This move is expected to bolster the company's sustainable process technology development. The placement is a strategic step to fortify Neometals' position in the LiB recycling sector and to advance its industrial validation stage.
This successful execution of the subscription agreement signifies a significant financial boost for Neometals, enabling the company to further its endeavors in sustainable process technology development, particularly in the area of LiB recycling. This move is aligned with the company's commitment to advancing innovative and sustainable solutions in the battery materials sector.