Advanced battery anode materials and graphene additives provider Talga Resources Ltd (ASX:TLG) has launched a funding initiative to raise up to A$6.25 million, which will be applied to the last stage of development prior to the planned Stage 1 financing of the Vittangi Graphite Anode Project.
Talga Managing Director, Mark Thompson, said the use of the funds will include scale up of Talnode-C for customer qualification, progressing the Vittangi Graphite Anode Project Stage 1 DFS, advancing Talga’s north Sweden projects for battery anode products and graphene additives, and general working capital.
The capital raising comprises a A$3.25 million placement to targeted institutional and sophisticated investors and a Share Purchase Plan to existing Talga shareholders for up to a further $3 million.
Canaccord Genuity (Australia) Limited acted as the Sole Lead Manager to the Placement.
“Whilst working towards the best financing option for Stage 1 of the Vittangi Graphite Anode Project we need to scale up Talnode-C customer qualification sample production and complete Stage 1 DFS work,” Mr Thompson said.
We therefore welcome our new shareholders to the Talga register at an exciting time of rapid growth in our plans to build Europe’s first integrated lithium-ion battery anode supply.
“They join existing shareholders who recognise the opportunity to increase their ownership prior to execution of our business strategy, including funding of Stage 1 trial mine, processing and anode refinery.”