Technology Metals Australia Limited (ASX: TMT) (“Technology Metals” or the “Company”) is pleased to announce a placement of 10,000,000 fully paid ordinary shares (Placement) at a price of $0.30 per share, with a one for three free attaching Option (Placement Options), to raise $3,000,000 before costs. The Placement was oversubscribed and the Company is pleased to welcome strategic high net worth investors and domestic institutions on to the register. Monies raised will be used to advance the company project and for working capital purposes. This Placement will be conducted under the Company’s current Placement capacity pursuant to ASX Listing Rule 7.1 and 7.1A as follows: 1. The Placement Shares are intended to be issued under the Company’s current capacity pursuant to ASX Listing Rule 7.1 (6,787,500 Shares) and 7.1A (3,212,500 Shares). The Shares to be issued under 7.1A are conditional on the minimum pricing condition under ASX Listing Rule 7.1A.3 being satisfied. Where this does not occur, the issue of those Shares will be subject to Shareholder approval at the Company’s forthcoming General Meeting of Shareholders (GM); 2. The issue of 3,333,333 one for three free attaching Placement Options exercisable at $0.40 expiring two years from date of issue. The Options are subject to Shareholder approval which will be sought at the Company’s forthcoming GM; and 3. In addition to the Placement, the Company will seek approval at the Company’s forthcoming GM for a Further Issue (Further Issue) of up to 6,666,667 options on the same terms as the one for three free attaching Placement Options to be issued under the Placement. These options will be issued to the Company’s technical consultants, corporate advisors and key management personnel. The Company also advises that PAC Partners Pty Ltd (ACN 165 738 438) (PAC) and Patersons Securities Limited AFSL No. 239 052 (Patersons) have been engaged to co-manage the Placement. Fees in respect of the Placement will be 6% on monies raised ($180,000 exclusive of GST.
TMT Price at posting:
33.5¢ Sentiment: None Disclosure: Not Held
