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Highlights
Greenwing Resources plans to raise capital through a two-tranche placement and a share purchase plan.
Funds to be allocated to projects in Argentina, Tasmania, and Madagascar, along with debt repayment.
Equity raising managed by Prenzler Group and Bizzell Capital Partners.
Greenwing Resources Limited (ASX:GW1), listed on the Australian Securities Exchange, operates within the critical minerals sector, with projects primarily focused on lithium and graphite across international locations. The company has announced an equity raising initiative to advance its portfolio and manage corporate financial obligations.
Details of the Capital Raising
The equity raising is structured into two tranches under a placement arrangement, complemented by a share purchase plan. Shares will be issued at a fixed price per unit, reflecting a discount compared to the recent average trading prices. The placement will see the issuance of a significant volume of shares, with Prenzler Group and Bizzell Capital Partners overseeing the transaction.
Allocation of Funds
Proceeds from the capital raising will be directed towards several development activities. Key projects include the San Jorge lithium project located in Argentina, the Que River base metals project in Tasmania, and the Graphmada Mining Complex in Madagascar. In addition to advancing these projects, Greenwing Resources plans to use a portion of the raised funds to address creditor payments and loan obligations.
Share Purchase Plan for Existing Shareholders
In conjunction with the placement, Greenwing Resources will initiate a share purchase plan. This plan allows eligible shareholders to apply for additional shares up to a capped amount, priced identically to the shares issued under the placement. The share purchase plan aims to raise further funding within a set limit.
Project Focus Across Key Jurisdictions
Greenwing Resources continues to strengthen its presence in the global critical minerals market. The company's project portfolio spans multiple jurisdictions, focusing on minerals essential to the renewable energy and battery storage industries. In Argentina, Greenwing's efforts center on lithium resource development. In Madagascar, the company operates the Graphmada graphite project, while in Tasmania, the Que River project broadens its commodity base.
Corporate Developments and Upcoming Events
Greenwing Resources is scheduled to participate in the upcoming RIU Sydney Resources Round-up. This annual event brings together resource sector companies, providing a platform for updates and engagement with broader industry stakeholders.
