Talga Resources Ltd. said June 28 that it received binding commitments from institutional investors for a placement to raise approximately A$8.5 million.
The company, which said its cash balance will increase to approximately A$18.5 million for mid-2018, will use the funds to develop graphite and graphene products for use in lithium-ion batteries, to convert graphite resources to reserves, to develop cobalt projects and for other corporate purposes.
Talga will issue about 13.1 million shares at 65 cents apiece, a 5.8% discount to the last closing price, with settlement anticipated July 3.
In May, the company outlined plans to spin out its cobalt projects in northern Sweden.
