Mantle Mining Corporation Limited (ASX: MNM) “Mantle”, is pleased to provide an update on Exergen Pty Ltd’s capital raising process to support development of their Pre-Commercial Demonstration Plant (PCDP).
Highlights:
Mantle holds a 50% interest in the Bacchus Marsh Brown Coal Upgrade and Export Joint Venture (JVA) with Exergen, who holds the other 50%.
Exergen has developed a highly efficient coal dewatering process that upgrades Low Rank Coal (LRC) into higher value thermal coal in an environmentally friendly process. The process, called Continuous Hydrothermal De-watering (CHTD), has been proven and independently verified at pilot plant scale.
Under the terms of the JVA, Exergen is wholly responsible for the development of a +$50 million PCDP intended to confirm the viability of CHTD at commercial scale.
To that end, Exergen have engaged RFC Ambrian as lead managers in a $100 million capital raising, with the proposed uses of funds for:
? The CHTD Pre-Commercial Demonstration Plant, ? Resource and Project Investment, and ? Further Research and Development.
To that end then, an Exergen Investment Opportunity Flyer has been developed and can be accessed at RFC Ambrian’s website at rfcambrian.com. The 2 page flyer contains information on:
? Exergen, its Board, Management and Cornerstone Investors, ? CHTD, the PCDP and Exergen’s access to LRC resources, and ? Proposed Use of Funds and Key Milestones,
MNM Price at posting:
7.9¢ Sentiment: Buy Disclosure: Held
