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Element 25 completes shortfall placement of $1.39 capital raising

Sophisticated investors participated in the company’s shortfall placement to the value of $472,000.
Increasingly high stacks of coins
The company is on track to complete a PFS for the Butcherbird Manganese Project

Element 25 Ltd (ASX:E25) has completed a shortfall placement to sophisticated investors for funds of $472,000 taking total funds raised in its recent capital raising to $1.39 million.

The placement followed a share purchase plan (SPP) which closed in late May raising $918,000 and was conducted on the same terms.

Allotment of the new shares under the placement, which was completed using the company’s existing placement capacity under listing rule 7.1., occurred yesterday.

READ: Element 25 to accelerate manganese project PFS after raising $1.39 million

Proceeds will allow Element 25 to accelerate a pre-feasibility study (PFS) on the Butcherbird Manganese Project in the Pilbara region of Western Australia.

The company is developing Australia’s largest onshore manganese resource at this project to produce high-purity manganese products.

READ: Element calls in adviser for development funding at Butcherbird

Element 25 has this month appointed finance advisory group BurnVoir Corporate Finance to begin the process of arranging financing for development of Butcherbird.

BurnVoir has assisted in arranging development finance for a number of projects in the region, including Pilbara Minerals Ltd’s (ASX:PLS) Pilgangoora Lithium Project and Kalium Lakes Ltd’s (ASX:KLL) Beyondie Potash Project.

The advisory group will also play a role in supporting completion of the PFS this year, including the financial evaluation of the project.

READ: Element 25 signs final Native Title Agreement for Butcherbird Manganese Project

In May, Element 25 signed the final Native Title Agreement required for the grant M52/1074 and development of the project.

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