Well that's a vote of confidence. Finance wrapped up to get things rolling in less than a day..

Element 25 wraps up $30m placement at 22pc discount

Anthony Macdonald, Sarah Thompson and Kanika Sood

Nov 15, 2022 – 6.43pm

Save

Share

Manganese hopeful Element 25 Ltd has raised $30 million at $1.12 a share in a deal via Petra Capital and Blackwood Capital on Tuesday.

Investors said the brokers closed the books at 4pm Sydney time, and the company was considering a small increase to the amount raised.

Manganese ore. AFR

The deal was at a 22 per cent discount to the last close and a 13.1 per cent discount to the 10-day VWAP, according to terms sent to fund managers.

Proceeds were pegged to fund a high purity manganese sulphate feasibility study at the company’s Butcherbird project in Western Australia, for engineering optimisation works and general working capital, the term sheet said.

The company’s pitched as a battery metals play and has told investors it is seeking to finalise offtake negotiations and financing strategies this year.

Element 25 had a $220 million market capitalisation and no substantial investors prior to the raising.

Get a first look at tomorrow’s headlines. Sign up to the Street Talk First Look newsletter.

Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@copyright link