Latrobe Magnesium completes $1.1m placement

Latrobe Magnesium Limited (ASX: $LMG) has successfully completed a $1.1 million placement by issuing 22 million shares at 5 cents. The funds raised from this placement will be utilized for the construction of LMG's 1,000 tonne per annum magnesium demonstration plant in the Latrobe Valley, ensuring no delays in the development plant and MgO production for 31 March 2024.

Executive Commentary

The placement of $1.1 million through the issuance of 22 million shares at 5 cents has been successfully completed. This funding will enable us to maintain the momentum of our construction activities and ensure timely commissioning of the demonstration plant and MgO production. We are also in discussions with the ATO's review of our Research and Development Rebate for the year ended 30 June 2023, which has impacted our liquidity. We remain committed to our goal of developing a magnesium production plant in Victoria's Latrobe Valley using our patented extraction process, contributing to environmental benefits and reducing CO2 emissions.

Summary

Latrobe Magnesium Limited (ASX: $LMG) has concluded a $1.1 million placement by issuing 22 million shares at 5 cents, raising funds for the construction of its 1,000 tonne per annum magnesium demonstration plant in the Latrobe Valley. The successful completion of this placement ensures that there will be no delays in the development plant and MgO production targeted for 31 March 2024. Additionally, the company is actively engaged in discussions with the ATO regarding its Research and Development Rebate, which has impacted its liquidity. LMG's focus remains on developing a magnesium production plant using its patented extraction process, aiming to contribute to environmental benefits and reduce CO2 emissions.