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Green Technology Metals (ASX:$GT1) raises A$14.6m through flow-through share funding

Green Technology Metals funding announcement


Green Technology Metals Limited (GT1) (ASX:$GT1) has successfully raised approximately A$14.6M through the issue of 39,477,680 new fully-paid ordinary shares at an issue price of A$0.37 per share. The funding, utilizing 'flow-through shares' provisions under Canadian tax law, will underpin continued exploration activities at Root Bay and a maiden drilling program at the Junior Lithium Project. The flow-through shares were placed at a 32% premium to GT1's last trading price and have garnered significant interest from existing investors, including AMCI Group, who have increased their shareholding to approximately 11.5%.

Executive commentary on funding and future plans


This financing round strategically leverages the least dilutionary mechanism for shareholders by optimizing the benefits of the Canadian flow-through benefits regime. GT1 has allocated a considerable spend budget for exploration and feasibility works through 2024, and this funding ensures the seamless progression of our planned exploration activities. We are eagerly anticipating another transformative year for GT1 in 2024 on our path to become Ontario's first Lithium producer. Our development map for 2024, particularly for the Seymour project, is well-defined as we move closer to a financial investment decision. We are looking forward to the commencement of site activities in the first quarter of 2024 whilst we continue to build up our resource base across both hubs and use the new funds for the maiden drilling program planned at the Junior Lithium Project and further definition drilling planned for Root.

Summary of Green Technology Metals funding announcement


Green Technology Metals (GT1) has successfully raised A$14.6M through the issuance of flow-through shares, which will support continued exploration activities at Root Bay and a maiden drilling program at the Junior Lithium Project. The funding, secured at a 32% premium to GT1's last trading price, has garnered significant interest from existing investors, including AMCI Group, who have increased their shareholding to approximately 11.5%. The company's strategic allocation of funds for exploration and feasibility works through 2024 reflects its ambition to become Ontario's first Lithium producer. GT1's well-defined development map for 2024 and the utilization of the new funds for drilling programs indicate a positive outlook for the company's corporate strategy and future growth.

Sourcehttps://announcements.asx.com.au/asxpdf/20231211/pdf/05ydxr3q77gxmm.pdf

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