Element 25 Announces Placement & SPP to Accelerate Butcherbird Development

  • Jul 06, 2020 AEST
  • Team Kalkine

Currently developing its 100% owned Butcherbird Manganese Project, Element 25 Limited (ASX:E25) has received firm commitments from sophisticated, professional and institutional investors to raise up to a total of $ 3.5 Million (before costs) via placement of up to 8.75 Million fully paid ordinary shares at an issue price of $ 0.40 per share. Besides the Placement, the Company announced a Share Purchase Plan to existing eligible shareholders to raise up to $ 1.5 Million at an issue price of $ 0.40 per share.

Funds raised will allow Element 25 to accelerate development of Butcherbird by allowing deposits for long lead time items to be placed, advance detailed engineering design and other activities associates with the development of the project.

E25 was trading at $ 0.465 at 11:51 AM AEST on 6 July 2020.

 

 


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