Advanced battery anode materials and graphene additives provider Talga Resources Ltd confirms the completion of the Share Purchase Plan (“SPP”) announced to the market on 15 November 2019.
The SPP received strong support from eligible shareholders and exceeded the discretionary target of $3.0 million, with valid applications totalling approximately A$6.2 million. To acknowledge this support the Talga Board has decided to accept the oversubscriptions of approximately A$3.2 million.
Following the successful completion of the SPP as well as the institutional placement (ASX:TLG 15 Nov 2019 and 21 Nov 2019) Talga has raised a combined total of approximately A$9.45 million (before costs) towards funding the development preceding planned initial project financing for the Vittangi Graphite Anode Project.
Talga Non-Executive Chairman, Mr Terry Stinson: “By the Share Purchase Plan being oversubscribed, our shareholders have demonstrated their strong support for Talga’s strategic direction. To honour this support, the Board has decided to accept all oversubscriptions to allow shareholders to take up their full entitlement. On behalf of the Company I would like to thank all our shareholders.”
Talga Managing Director, Mr Mark Thompson: “The proceeds from the SPP, together with the proceeds from the placement, will provide Talga with significantly enhanced financial and strategic flexibility as we progress development and look to embark on executing our plan to build Europe’s first integrated lithium-ion battery anode supply.”
A total of 14,106,318 fully paid ordinary shares will be issued today with holding statements to be despatched shortly thereafter. The new fully paid ordinary shares will commence trading on the ASX on Monday, 16 December 2019.