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Battery Minerals raising A$25M for Montepuez graphite project development


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Battery Minerals raising A$25M for Montepuez graphite project development

Battery Minerals Ltd. is raising up to A$25 million via an oversubscribed placement and a securities purchase plan to advance its Montepuez graphite project in Mozambique.

The company will issue 333.33 million shares at 6 Australian cents per share in two tranches to raise A$20 million from professional, institutional and sophisticated investors.

Every 2 subscription shares will have 1 listed option attached, exercisable for 10 cents apiece before July 2023. Battery Minerals' largest shareholder, Farjoy Pty. Ltd., has committed to subscribe for A$5 million of the shares, it said May 17.

Additionally, the company will undertake a securities purchase plan to raise an additional A$5 million.

Commissioning of the Montepuez project is set for the March quarter 2019. First stage production is estimated at between 45,000 and 50,000 tonnes per year of graphite concentrate, which will generate about US$25 million of annual net operating cash flow.

Earlier this month, Battery Minerals secured a US$30 million debt and equity funding package from Resource Capital Funds for the project.