Technology Minerals PLC (LSE:TM1) has raised £500,000 of fresh capital through the issue of convertible loan notes to a long-term shareholder.
The company, which aims to create a sustainable circular economy for battery metals, said the proceeds will support it as it continues a ‘twin-track growth strategy’ with the scale up of operations at Recyclus' lithium-ion battery recycling plant in Wolverhampton, UK, and the development of its battery metals exploration assets.
“We are pleased to secure funding from a long-term shareholder, as Recyclus' industrial-scale lithium-ion battery recycling plant enters the commissioning phase, and we progress our exploration assets,” said chief executive Alex Stanbury.
The loan notes carry interest at 6% over a six month term and can convert into shares at a price of 1.8p per share.