Battery and advanced materials company Talga successfully completes A$40 million institutional placement.
Battery and advanced materials company Talga Group Ltd (“Talga” or “the Company”) (ASX:TLG) announce that it has received firm commitments for a placement of new fully paid ordinary
Talga shares (“New Shares”) to raise A$40 million before costs (“Placement”).
The oversubscribed Placement, managed by Euroz Hartleys Limited as sole lead manager and bookrunner, was strongly supported by a range of new and existing sophisticated, professional and institutional investors. BurnVoir Corporate Finance acted as financial adviser to the Company.
Mark Thompson, Talga Managing Director, commented:
The strong demand from global and domestic institutional investors highlights the quality of Talga’s graphite anode projects and battery material technologies.
“I thank shareholders for their support during this period of transformational development and we look forward to delivering on targeted permitting, financing and commercial milestones throughout the year.”
New Shares under the Placement will be issued at A$1.55 per share, representing a 11.5% discount to the 20-day volume weighted average price (VWAP) of A$1.751. The Placement will result in the issue of 25,806,452 New Shares, representing approximately 7.7% of total Talga fully paid ordinary shares on issue immediately prior to the issue of the New Shares.
The New Shares will be issued pursuant to the Company’s existing capacity under ASX Listing Rule 7.1. The Placement is scheduled to settle on Thursday, 2 March 2023 with the New Shares
commencing trading on ASX on a normal basis on Friday, 3 March 2023.
Proceeds from the Placement will be used to fund Vittangi Anode Project early works, including earthworks and site infrastructure at the Luleå anode refinery site, commencement of procurement of anode equipment and detailed engineering, scaled up EVA production, silicon anode scale-up including securing commercial site, and general working capital (including costs of the Placement).
About Talga
Talga Group Ltd (ASX:TLG) is building a European battery materials supply chain to offer products critical to the green transition. Talga’s innovative technology and vertical integration of 100% owned Swedish graphite resources provides security of supply and creates additional value for stakeholders.
Website: www.talgagroup.com
Highlights:
- Successful completion of institutional placement raises A$40 million from the issue of 25.8 million new fully paid ordinary Talga shares
- The placement was strongly supported by a range of leading domestic and global institutions
- Proceeds will be used to fund Vittangi Anode Project early works, scaled up EVA production, silicon anode scale-up, and general working capital
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Talga successfully completes A$40 million institutional placement, February 23, 2023
