Neometals' capital raising success

Neometals (ASX:NMT) has announced the results of its non-renounceable pro-rata entitlement offer, which concluded on October 30, 2024. The offer aimed to raise funds by providing eligible shareholders new fully paid ordinary shares at A$0.09 per share. The company successfully raised around A$3.1 million through the entitlement offer, achieving a 22% take-up rate. With additional shares available through a Top Up Facility and a previous placement to institutional investors, the total amount raised reached approximately A$7.1 million.

Neometals' strategic funding and future plans

Neometals' recent entitlement offer successfully raised approximately A$7.1 million, which will be directed towards key projects such as LiB recycling and technology development in lithium and vanadium. The offer had a 22% take-up rate, supplemented by a Top Up Facility and prior institution placement. The company plans to utilize these funds for development projects, research, and administrative costs, aligning with its focus on sustainable critical material supply chains. Neometals continues to advance its strategy of commercializing battery materials technologies, emphasizing environmental sustainability and a circular economy. With ongoing projects like the joint venture with SMS Group GmbH for LiB recycling, Neometals is well-positioned to progress its initiatives.

Executive insights on entitlement offer

Neometals is pleased with the outcome of the entitlement offer and appreciates the support from our shareholders. The funds raised will be crucial in advancing our key projects in LiB recycling, lithium and vanadium technology research and development, and the Barrambie Gold and Titanium project. We remain committed to our strategy of developing sustainable supply chains for critical materials and reducing the environmental impact of mining.