Latrobe Magnesium Share Purchase Plan Result

Latrobe Magnesium Limited (ASX: $LMG) has successfully closed its Share Purchase Plan, raising $1,930,000. The SPP resulted in the issuance of 38,600,000 shares at $0.05 per share. The funds raised will be utilized to cover the cost overrun of the demonstration plant and ensure the completion of phase 1 by the end of March 2024, with the production of MgO to follow by 16 April 2024.

Executive Commentary

The new shares from this SPP will be issued on Thursday, 28 March 2024. The Board expresses gratitude to the shareholders for their unwavering support. Several stages in the hydromet process have been commissioned, and major suppliers and contractors have pledged their continued support to keep the commissioning of the first stage of the plant on track.

Summary of Latrobe Magnesium Announcement

Latrobe Magnesium Limited has successfully closed its Share Purchase Plan, raising $1,930,000 to fund the cost overrun of the demonstration plant and ensure the completion of phase 1 by the end of March 2024. The issuance of 38,600,000 shares at $0.05 per share will support the production of MgO by 16 April 2024. The company's ambitious plans include the development of a commercial plant with a capacity of +10,000 tonne per annum magnesium, targeted for completion by January 2026. LMG aims to sell its refined magnesium production under long-term contracts to USA customers, contributing to reducing Australia's 100% import of the 8,000 tonnes annually consumed. The project is positioned to provide environmental benefits by recycling power plant waste and minimizing CO2 emissions, aligning with the principles of an industrial ecology system.