Talga Resources has announced receiving firm commitments from investors to raise gross proceeds of A$10.0 Million (around USD$7.2 Million).
Talga shared that it sees the strongly supported placement as reflecting significant investor interest as the Company progresses development of its facility in Sweden to produce ultra-low emission coated anode for greener lithium-ion batteries.
Commenting on the Placement, Talga Managing Director Mark Thompson said: “This strategically sized placement will enable Talga to execute the next steps in building it’s Li-ion anode production facilities in Europe, while maintaining a tight capital structure to provide shareholders best leverage to project success. The raising also strengthens our position as we enter deeper finance discussions with multiple potential project partners.”
The Company plans to apply the Placement proceeds towards near term project development and corporate activities including:
- Scale-up manufacturing of Talnode®-C customer samples to satisfy larger automotive OEM qualification processes underway;
- Progress the commercial Detailed Feasibility Study to support design, engineering and project
- finance options for the Vittangi Anode Project; Expansion, infill and geotechnical drilling to better define the ultimate tonnage potential of the overall Vittangi graphite project and support mine planning; and
- General working capital.