Battery anode and graphene materials group Talga Resources (ASX: TLG) has raised $6 million in an oversubscribed share purchase plan.
The company had been planning to raise $3 million, but will keep the additional funds to scale up the business including increasing production of its Talnode anode operation.
Talga chairman Terry Stinson said the additional funds would give the company increased financial flexibility.
“The success of the share purchase plan demonstrates the continued strong support from our shareholders as we progress the execution of our vertically integrated battery anode and graphene additives business strategy.”
The issue price was 44 cents a share, the same as applied in a recent placement to institutional investors.
The company is also forging ahead with its Vittangi graphene anode project in Sweden.
Picture: Mikael Sjoberg/Bloomberg
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