Business
£2.5 million fundraise
£2.5 million fundraise.
About this update from Technology Minerals Plc
[{"type":"text","content":"\n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. \n \n \n \n \n \n 27 March 2023\n \n \n \n \n \n Technology Minerals Plc\n \n \n \n (\"Technology Minerals\" or the \"Company\")\n \n \n \n \n \n \n £2.5 million fundraise\n \n \n \n \n \n Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce\n that it has raised £2.5 million (before expenses) from a new high net worth investor (the \"Fundraising\"). \n \n \n \n \n \n The Fundraising consists of :\n \n \n \n \n \n ·\n a subscription for\n 80,000,000\n new ordinary shares of £0.001 each (\"Ordinary Shares\")\n at a price of 1p per Ordinary Share, for a total amount of £800,000; and\n \n \n ·\n the issue by the Company of convertible unsecured loan notes (\"Convertible Loan Notes \") to a value of £1.7 million. The Convertible Loan Notes carry a coupon of 12% per annum for a term of two years from issue and are convertible into Ordinary Shares at 3.5 pence per Ordinary Share. \n \n \n ·\n the Convertible Loan Notes issued under this Fundraising are unconnected to those available through the convertible bond facility with Macquarie Bank Limited and Atlas Capital Markets LLC, announced on 9 December 2022.\n \n \n \n \n \n \n Use of Funds\n \n \n \n The funds strengthen the Company's position, supporting further work to enhance the value of its battery metals mining assets, capital requirements and operating costs as the Company continues to develop its twin-track strategy to create a circular economy for battery metals. The funds will also be used to facilitate the scale up of operations at Recyclus' lithium-ion battery recycling plant, now in the final stages of obtaining the Environmental Agency (\"EA\") licence to commence industrial-scale processing. At...