Alkemy Capital Investments PLC (LSE:ALK) has raised £750,000 through the sale of 600,000 new shares at 125p each to fund the development of Tees Valley Lithium’s lithium hydroxide processing plant.
Several company directors took part, including Paul Atherley (£150,000), Sam Quinn (£75,000), Vikki Jeckell (£50,000), and Helen Pein (£10,000). Financial firm Quark Financial advised on the deal.
The money will help fund the Tees Valley Lithium development, which aims to support the electric vehicle battery supply chain in Teeside.
Investors who subscribed will receive one warrant for every two shares, allowing them to buy more shares at £2 each over the next two years.
If the share price exceeds 400p for ten days, Alkemy can require investors to exercise their warrants early.
The shares were marked down 10% to 130p.