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Neometals (ASX:$NMT) concludes non-renounceable entitlement offer

Overview of Neometals' recent announcement


Neometals Ltd (ASX:$NMT) has successfully closed its non-renounceable pro-rata entitlement offer, resulting in the issuance of 11,390,238 new fully paid ordinary shares at A$0.19 per share. The total funds raised, including the placement to sophisticated, professional, and other institutional investors, amount to approximately A$12.1 million. The proceeds from the offer will be allocated towards various activities, including the Primobius LiB recycling development, lithium chemical research development, vanadium and titanium business units, and working capital, corporate, and offer costs.

Executive commentary on the recent developments


Neometals is pleased with the outcome of the non-renounceable entitlement offer, which has seen a 16.5% take up from eligible shareholders. The funds raised will be instrumental in advancing our initiatives in battery materials recycling, lithium chemical research, and vanadium and titanium business units. We are committed to developing environmentally-friendly processing technologies and creating a more resilient, circular supply to support the energy transition. The successful closure of the offer reflects the confidence of our shareholders in our strategic direction and the potential of our projects.

Summary of Neometals' announcement and outlook


Neometals' conclusion of the non-renounceable entitlement offer has resulted in the raising of approximately A$12.1 million, which will be pivotal in driving the company's activities in battery materials recycling, lithium chemical research, and vanadium and titanium business units. The company aims to reduce reliance on traditional mine-based supply chains and promote sustainable production of critical battery materials. With the funds secured, Neometals is well-positioned to progress its initiatives and contribute to the energy transition. The issuance of new shares and the allocation of funds signify the company's commitment to its corporate strategy and the pursuit of environmentally-friendly technologies.

Sourcehttps://announcements.asx.com.au/asxpdf/20231213/pdf/05yhh5ps6ynydw.pdf

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