5E Advanced Materials (ASX:5EA) successfully closed its US public offering of 18 million common shares at $2 each, generating around $36 million in gross proceeds, according to a Wednesday Australian bourse filing.
The company plans to use the funds, along with existing cash and marketable securities, to operate its small-scale boron facility, advance well field development, finalize its commercial mine plan, complete front-end engineering and design, and support general corporate purposes, the filing added.
The company's shares rose past 3% in recent Wednesday trade.
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