(NewsDirect)
Latrobe Magnesium Ltd (ASX: LMG) chief operating officer RonanGillen sits down with Jonathan Jackson in the Proactive studio todiscuss the firm commitments received to raise A$12 million from newand existing institutional and professional investors via aninstitutional placement, alongside a proposed fully underwritten,non-renounceable entitlement offer to raise A$6 million. Funds will beutilised for the final structural works and commissioning of theDemonstration Plant, final engineering for steady-state production of1,000 tonnes per annum magnesium metal and ongoing R&D inpartnership with CSIRO. The offer received strong support from LMG’sdirectors and management, who subscribed for A$650,000 of shares.Gillen expressed satisfaction with the support, noting the demand fromboth domestic and international markets. He highlighted thesignificance of LMG being the first to produce magnesium from browncoal fly ash and the positive macroeconomic outlook for magnesium. Theraised funds will support the Demonstration Plant in producingmagnesium metal and saleable by-products, showcasing the commercialviability of their full flowsheet. LMG is also advancing plans for a10,000 tonnes per annum Commercial Plant, with a bankable feasibilitystudy set to begin shortly and inform a Final Investment Decision bythe end of the year. The placement offers an opportunity to diversifythe shareholder register ahead of significant companygrowth.
ContactDetails
Proactive Investors
JonathanJackson
+61 413 713 744
jonathan@proactiveinvestors.com
Copyright (c) 2024 TheNewswire - All rights reserved.