Technology Minerals PLC (LSE:TM1) has raised £2.5mln gross from a new high net worth investor through new shares (£0.8mln) and convertible loan notes (£1.7mln).
The funds will be used for the scale-up of operations at Recyclus' lithium-ion battery recycling plant, said the company, which is in the final stages of obtaining an Environmental Agency licence to commence industrial-scale processing.
Alex Stanbury, Technology Minerals' chief executive, said: "We are pleased to secure funding from a new long-term shareholder, which provides us with sufficient runway to progress our projects currently underway.”
Shares issued in the fundraising were priced at 1p, a premium to the close on Friday, while the loan notes carry a coupon of 12%, run for two years and convert into shares at 3.5p.