Technology Minerals has secured £2.085m of new funding to support its strategic expansion into defence capabilities, critical minerals supply and manufacturing resilience.
The AIM-listed company said the fundraising would provide the financial foundation for its newly launched ‘Mantle’ strategy, which is focused on building sovereign supply chains and infrastructure aligned with UK national resilience objectives.
Technology Minerals said the strategy is built around three pillars – natural resources, critical capabilities and an enabling ecosystem – and will draw on its existing assets, including battery recycling business Recyclus Group.
Earlier this month, Technology Minerals outlined plans to expand its focus on defence and autonomous technologies while continuing to scale Recyclus, the Wolverhampton-based battery recycling business in which it holds a 48% stake.
The latest fundraising raised gross proceeds of £2.085m through a placing and subscriptions from new and existing investors, including members of the board and management team.
The company said the proceeds would be used to support the initial phase of the Mantle strategy, settle outstanding creditor positions, reduce aged liabilities and provide working capital.
Alex Stanbury, chief executive of Technology Minerals, said: “We are delighted to have successfully completed this fundraise in what remains a challenging market for small-cap companies.
“This strong vote of confidence from both new and existing investors, including management, provides the Company with the capital and momentum needed to execute our Mantle strategy.”
The fundraising remains conditional on shareholder approval, a capital reorganisation and publication of a prospectus. A general meeting is expected to take place during the week commencing 13 July.
Leave a comment