Technology Metals to raise $20 million for Gabanintha Vanadium Project
2021-09-26 13:47:33 [Print]
Technology Metals Australia (TMT) is getting a $20 million cash boost to advance the Gabanintha Vanadium Project in WA.
The placement is made up of a $13.5 million investment from Resource Capital Fund VII who'll have an 18 per cent stake in TMT.
Technology Metals says the investment allows it to focus on integrating the Yarrabubba deposit into the development of the Gabanintha Vanadium Project.
In addition, the materials stock received commitments from strategic and institutional investors to raise another $6.5 million, also at 37.5 cents per share.
The money will allow TMT to integrate the Yarrabubba project into an updated definitive feasibility study (DFS) for the Gabanintha Project. It will also support front-end engineering design studies and the development of an implementation model once the updated DFS is complete.
The placement is made up of a $13.5 million investment from Resource Capital Fund VII who'll have an 18 per cent stake in TMT.
Technology Metals says the investment allows it to focus on integrating the Yarrabubba deposit into the development of the Gabanintha Vanadium Project.
In addition, the materials stock received commitments from strategic and institutional investors to raise another $6.5 million, also at 37.5 cents per share.
The money will allow TMT to integrate the Yarrabubba project into an updated definitive feasibility study (DFS) for the Gabanintha Project. It will also support front-end engineering design studies and the development of an implementation model once the updated DFS is complete.
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