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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Technology Minerals Plc | LSE:TM1 | London | Ordinary Share | GB00BP094P47 | ORD GBP0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.25 | 0.20 | 0.30 | 0.25 | 0.25 | 0.25 | 1,217,935 | 08:00:14 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Miscellaneous Metal Ores,nec | 47k | -3.91M | -0.0026 | -0.96 | 3.81M |
TIDMTM1
RNS Number : 6387L
Technology Minerals PLC
07 September 2023
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.
7 September 2023
Technology Minerals Plc
("Technology Minerals" or the "Company")
Fundraise of GBP700,000
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that it has raised GBP700,000 from a long-term shareholder through the issue of convertible loan notes (the "Convertible Loan Notes" or "CLNs"). Costs associated with this funding are being settled by the issue of CLNs for GBP35,000 on the same terms.
The Convertible Loan Notes carry a coupon of 12% for a term of twelve months from issue and are convertible into Ordinary Shares at 1.4 pence per Ordinary Share.
The Company's 48.25% owned battery recycling group, Recyclus Group Limited, is carrying out commissioning at its first lithium-ion ("Li-ion") recycling plant in Wolverhampton and the CLNs will provide further support as the plant moves towards the commencement of commercial production which is targeted to be by the end of September 2023. In addition, Recyclus' first lead acid battery recycling plant at Tipton is expected to obtain permitting from the Environmental Agency shortly to enable production to commence at industrial scale. The Company continues its twin-track growth strategy to create a circular economy for battery metals with continued development of its battery metals exploration assets.
In connection with the Fundraise, the Company has issued 70,000,000 warrants to subscribe for ordinary shares at an exercise price of 2 pence per share with an exercise period of two calendar years from the date of this agreement. A further 3.5 million warrants in respect of funding costs are being issued on the same terms.
Alex Stanbury, CEO of Technology Minerals , said: "We are pleased to have secured further funding from a long-term shareholder, that puts us in good stead to build upon the excellent progress we have made in establishing our twin-track strategy. The funding will support the Company as it continues to advance its exploration assets up the value curve and Recyclus progresses through the commissioning phase at its Li-ion battery recycling plant and moves closer to commercial production."
Enquiries
Technology Minerals Plc Robin Brundle, Executive Chairman c/o +44 (0) 20 Alexander Stanbury, Chief Executive Officer 4582 3500 --------------- Oberon Investments Limited --------------- +44 (0)20 3179 Nick Lovering, Adam Pollock 0535 --------------- Gracechurch Group --------------- +44 (0)20 4582 Harry Chathli, Alexis Gore, Rebecca Scott 3500 ---------------
Technology Minerals Plc
Technology Minerals is developing the UK's first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future. Technology Minerals is focused on extracting raw materials required for Li-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries. Further information on Technology Minerals is available at www.technologyminerals.co.uk
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(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
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