Due to considerable shareholder support, Latrobe Magnesium Ltd (ASX:LMG, OTC:LTRBF) has extended the closing date for its Share Purchase Plan (SPP) Offer to 5.00pm EST on Friday, 22 March 2024.
The SPP, first announced on February 9, follows a highly successful Placement that raised $1.1 million. The SPP is designed to fund any cost overrun for the first stage of its magnesium oxide demonstration plant and aims to raise $3 million before costs.
Latrobe is developing a magnesium production plant in Victoria's Latrobe Valley using its world first patented extraction process. The company intends to extract and sell magnesium metal and cementitious material from industrial fly ash, which is currently a waste resource from Yallourn brown coal power generation.
Funds raised from the Placement and the SPP, will be used towards development of its 1,000 tonnes per annum magnesium demonstration plant, which could change the face of magnesium production.
Construction of demonstration plant over 90% complete
Just last week the company noted that construction of the magnesium-producing Stage 1 demonstration plant was 90% complete and there was an absence of any health, safety or environmental incidents.
Once complete, magnesium oxide (MgO) production will begin (shortly), which will demonstrate the viability of LMG's patented process and generate early revenue.
LMG indicative timetable
