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.
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.