Talga Group has announced a fund raise of AUD$22 million (around USD $14,000,000). The raise was reportedly oversubscribed and was supported by a range of institutional investors. It will take Talga's pro forma cash position (before costs) at 30 September 2022 to A$27 million (around USD $17,255,000).
The Placement was jointly managed by Morgan Stanley Australia Securities Limited and Euroz Hartleys Limited, and supported by UK placing agent Longspur Capital Limited.
Proceeds from the Placement will be used to fund Talga’s advancement of the Vittangi Anode Project, expanded operation of the Electric Vehicle Anode qualification plant, Niska expansion workstreams and resource drilling, next generation anode development (including Talnode®-Si commercialization) and for general working capital (including costs of the Placement).