Suvo Strategic Minerals Limited (ASX: SUV) has received firm commitments for A$2.0M (before costs) under an oversubscribed placement at A$0.048 per share. The company has thanked its existing investors who participated in the placement and welcomes the shareholders of PERMAcast and other new institutional investors to its register as it drives development and commercialization activities with respect to its licenced low carbon cement IP.
Executive chairman Aaron Banks commented: “On behalf of the board, I would like to thank our new and existing shareholders for their support in the placement. I would also like to welcome the shareholders of PERMAcast to the register as we progress commercialization activities and implement the necessary strategies to deliver low carbon products and projects to market.
The funds from the placement enables the Company to further advance the opportunity with PT Huadi and progress the important second trials after successfully creating a geopolymer cement binder using a zero-carbon nickel slag.
The company hopes to formalize a commercial arrangement with PT Huadi in the near term. We look forward to updating the market as we finalize some of these exciting new opportunities.”
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