Key facts about International Graphite's recent announcement

International Graphite Limited (ASX: $IG6) has successfully secured a $3.0M placement from new and existing sophisticated and professional investors. Additionally, the company has launched a share purchase plan (SPP) offer to eligible shareholders to raise up to a further $1.0M. These financings follow the Western Australian Government's grant of $6.5M announced on 20 April 2024. The proceeds from the Placement and SPP will be utilized for the advancement of feasibility study activities at the Springdale Graphite Project, battery anode testwork feasibility studies, and working capital.

Executive commentary on recent developments

International Graphite Managing Director and CEO Andrew Worland expressed gratitude towards new and existing shareholders for their support. He highlighted the company's progress on the Springdale-Collie mine to market strategy, capital structure optimization, and the positive impact of their collaboration with the communities of Ravensthorpe Shire and Collie. Worland also emphasized the significance of the feasibility study for the Springdale Graphite Project, the commencement of the Collie Micronising Facility build-out, and the company's positioning in response to the evolving graphite industry in Australia.

Summary of International Graphite's announcement and outlook

International Graphite (ASX: $IG6) has successfully raised $3.0M through a placement and launched a share purchase plan offer to further raise up to $1.0M. The funds will be directed towards advancing feasibility study activities at the Springdale Graphite Project, battery anode testwork feasibility studies, and working capital. The company's Managing Director and CEO, Andrew Worland, highlighted the progress made and outlined the upcoming milestones, including the feasibility study for the Springdale Graphite Project and the commencement of the Collie Micronising Facility build-out. With the support from the Western Australian and Federal Governments, International Graphite aims to lead the graphite industry development in Australia and contribute to the diversification of critical mineral supply chains. The company's commitment to building a sovereign Australian 'mine to market' capability aligns with its ambition to establish a strong presence in the global electric vehicle and renewable energy markets.