The company, in a statement, said the details of the ‘corporate opportunity’ it was carrying out the due diligence on was confidential. It did, however, describe it as being “related to graphite based energy storage applications that the company has been working on.”
The share placing sees 12mln new shares issued at a price of 2.5p each.
"We are very encouraged to welcome a number of new investors to the register and to be able to further progress a significant corporate opportunity for the Company with the completion of this placement,” said chief executive Brett Boynton.
It highlighted today, that the budget needed to progress the corporate opportunity was over and above the expansion funding provided under the Bass Metals agreement.
Additionally, the company told investors that it is currently deemed to be in a closed period, as a result of the ‘confidential corporate opportunities’, but, once it is next in an open period it intends to issue shares to its executive management and certain other employees as conversion of outstanding directors fees and other arrears.