Technology Minerals PLC Fundraise of GBP700,000 (6387L)
07 September 2023 - 4:00PM
UK Regulatory
TIDMTM1
RNS Number : 6387L
Technology Minerals PLC
07 September 2023
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
7 September 2023
Technology Minerals Plc
("Technology Minerals" or the "Company")
Fundraise of GBP700,000
Technology Minerals Plc (LSE: TM1), the first listed UK company
focused on creating a sustainable circular economy for battery
metals, is pleased to announce that it has raised GBP700,000 from a
long-term shareholder through the issue of convertible loan notes
(the "Convertible Loan Notes" or "CLNs"). Costs associated with
this funding are being settled by the issue of CLNs for GBP35,000
on the same terms.
The Convertible Loan Notes carry a coupon of 12% for a term of
twelve months from issue and are convertible into Ordinary Shares
at 1.4 pence per Ordinary Share.
The Company's 48.25% owned battery recycling group, Recyclus
Group Limited, is carrying out commissioning at its first
lithium-ion ("Li-ion") recycling plant in Wolverhampton and the
CLNs will provide further support as the plant moves towards the
commencement of commercial production which is targeted to be by
the end of September 2023. In addition, Recyclus' first lead acid
battery recycling plant at Tipton is expected to obtain permitting
from the Environmental Agency shortly to enable production to
commence at industrial scale. The Company continues its twin-track
growth strategy to create a circular economy for battery metals
with continued development of its battery metals exploration
assets.
In connection with the Fundraise, the Company has issued
70,000,000 warrants to subscribe for ordinary shares at an exercise
price of 2 pence per share with an exercise period of two calendar
years from the date of this agreement. A further 3.5 million
warrants in respect of funding costs are being issued on the same
terms.
Alex Stanbury, CEO of Technology Minerals , said: "We are
pleased to have secured further funding from a long-term
shareholder, that puts us in good stead to build upon the excellent
progress we have made in establishing our twin-track strategy. The
funding will support the Company as it continues to advance its
exploration assets up the value curve and Recyclus progresses
through the commissioning phase at its Li-ion battery recycling
plant and moves closer to commercial production."
Enquiries
Technology Minerals Plc
Robin Brundle, Executive Chairman c/o +44 (0) 20
Alexander Stanbury, Chief Executive Officer 4582 3500
---------------
Oberon Investments Limited
---------------
+44 (0)20 3179
Nick Lovering, Adam Pollock 0535
---------------
Gracechurch Group
---------------
+44 (0)20 4582
Harry Chathli, Alexis Gore, Rebecca Scott 3500
---------------
Technology Minerals Plc
Technology Minerals is developing the UK's first listed,
sustainable circular economy for battery metals, using cutting-edge
technology to recycle, recover, and re-use battery technologies for
a renewable energy future. Technology Minerals is focused on
extracting raw materials required for Li-ion batteries, whilst
solving the ecological issue of spent Li-ion batteries, by
recycling them for re-use by battery manufacturers. With the
increasing global demand for battery metals to supply
electrification, the group will explore, mine, and recycle metals
from spent batteries. Further information on Technology Minerals is
available at www.technologyminerals.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEUNRAROKUKRUR
(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
Technology Minerals (LSE:TM1)
Historical Stock Chart
From Jul 2024 to Aug 2024
Technology Minerals (LSE:TM1)
Historical Stock Chart
From Aug 2023 to Aug 2024