Aussie-based explorer Neometals Ltd (ASX:NMT, OTC:NMTAY, AIM:NMT) has raised US$3 million (£2.3m; A$4.5m) through a subscription from major shareholder William Richmond at 4.5 US cents each.
Funds will support the flagship Lithium-ion Battery (LiB) Recycling business through the industrial validation stage.
Neometals has three main business units: lithium battery recycling, lithium chemical production, and vanadium chemicals, all based on hydrometallurgical techniques.
Its flagship project, a lithium battery recycling initiative, is a 50/50 joint venture with a German plant builder named Primobius.
Following the fundraise Neometals will have a net cash balance of A$9.3 million.