Technology Minerals PLC (LSE:TM1) said it has raised £400,000 gross through the issue of shares to a new institutional shareholder to fund a ramping up of the first phase of operations at its Tipton lead-acid battery recycling plant.
The shares, which represent approximately 2.45% of the company's enlarged share capital, were issued at a subscription price of 1.25p per share.
Proceeds will also allow for early work on industrial-scale processing through an automated plant pending environmental approval, the company said.
In a statement, Alex Stanbury, Technology Minerals chief executive, commented: "This subscription represents a vote of confidence in our twin-track strategy and the management team. The funds will enable us to scale our operations at the Tipton plant and commence generating meaningful cash flow."
Additionally, Technology Minerals said it had issued 1.1mln ordinary shares in lieu of payment to a supplier at a subscription price of 1.89p per share.