Clean TeQ Holdings Ltd. said March 8 that it will undertake an underwritten A$150 million share placement of up to approximately 130 million shares at A$1.15 each to institutional, accredited, sophisticated and professional investors.
In addition, the company will also offer up to A$15,000 in shares to eligible shareholders at the same price through a share purchase plan.
Pengxin International Mining Co. Ltd., which holds about 16.2% of Clean TeQ's issued share capital, will retain its anti-dilution rights under a subscription agreement signed in February 2017.
The proceeds of the placement will be used to fund early works and long lead items to accelerate development at the Clean TeQ Sunrise nickel project in New South Wales, Australia.
