Montem Resources Limited (ASX:MR1) has successfully completed a capital raising of approximately A$3 million through a share placement.
Montem will use the funds raised from the Placement to advance feasibility studies for its Tent Mountain Renewable Energy Complex (TM-REX) in Alberta, Canada, and working capital. The TM-REX feasibility studies will potentially receive additional funding from a C$5 million grant under application from Canada’s Clean Fuels Fund, expected to be awarded in Q1 2022.
Montem is advancing development plans to transition the Tent Mountain Mine to become a renewable energy complex. The planned development includes three primary elements:
- 320MW Pumped Hydro Energy Storage
- 100MW Green Hydrogen Electrolyser
- 100MW Wind Farm (offsite)
In November 2021, the company announced the establishment of the Tent Mountain Energy Transition Steering Committee to drive development of the TM-REX. Over the course of 2022, the company plans to move the TM-REX through the front-end engineering and design (FEED) project phase.
“We are pleased with the support for the placement and thank our existing shareholders for their ongoing backing. We also welcome a number of new investors to the register and are excited by their support for the new direction we are advancing at Tent Mountain,” Managing Director and CEO Peter Doyle said.
“Tent Mountain’s ideal topography and location provides us the ability to pivot the project to potentially become an outstanding renewable energy asset with the ability to host Canada’s first large-scale green hydrogen production facility. The pump hydro energy storage (PHES) element
For further information please visit: https://www.montem-resources.com/
