Element 25 boosts finances by $9.2 million through set-off of collateral shares
Funds will be used for the planned stage-2 expansion of manganese concentrate production from the Butcherbird Manganese Project. The company has now terminated the Controlled Placement Agreement with Acuity Capital.
Element 25 Ltd (ASX:E25) has boosted its finances to the tune of $9.2 million through the set-off of 4.8 million collateral shares previously issued to Acuity Capital under a Controlled Placement Agreement.
These funds will be used for the planned stage-2 expansion of manganese concentrate production from the company’s 100%-owned Butcherbird Manganese Project in Western Australia.
They will also be used to accelerate feasibility study work for the production of battery-grade High Purity Manganese Sulphate (HPMSM) from the manganese concentrate produced in stage-2.