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Element 25 Ltd

Element 25 to accelerate manganese project PFS after raising almost $1.39 million

The company is working towards completing a pre-feasibility study (PFS) for the Butcherbird Manganese Project in WA.

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In April Element 25 increased the manganese resource by 34% to 26.3 million tonnes

Element 25 Ltd (ASX:E25) has closed its share purchase plan (SPP) after receiving commitments from sophisticated investors to raise $420,250.

The SPP and previous placement have collectively raised $1,338,250.

Proceeds will allow Element 25 to accelerate the pre-feasibility study (PFS) on the company’s Butcherbird Manganese Project in Western Australia.

READ: Element 25 signs final Native Title Agreement for Butcherbird Manganese Project

Allotment of the new shares is scheduled to occur on June 7, 2019.

The placement will be completed using the company’s existing placement capacity under listing rule 7.1.

Earlier this month the company signed the final Native Title Agreement required for the grant M52/1074 and development of the Butcherbird project.

The agreement with the Karlka Nyiyaparli Aboriginal Corporation RNTBC (KNAC) recognises the Nyiyaparli People as traditional owners of the land and KNAC as the registered native title body corporate in relation to the land.

Quick facts: Element 25 Ltd

Price: $0.19

Market: ASX
Market Cap: $17.46 m
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