Neometals Raises AU$4 Million via Placement; Shares Down 13%

MT Newswires Live10-11

Neometals (ASX:NMT) raised AU$4 million via the placement of about 44.4 million shares priced at AU$0.09 apiece, according to a Friday filing with the Australian Securities Exchange.

The company is also undertaking a 1-for-12 entitlement offer to eligible shareholders to raise up to a further AU$5 million, the filing said.

Proceeds will be used for the company's lithium-ion battery recycling development, lithium and vanadium technology research, the Barrambie gold and titanium project, and general and administrative costs, according to the filing.

Shares fell nearly 13% in midday trade.

Price (AUD): $0.11, Change: $-0.015, Percent Change: -12.50%

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