Australia making moves as well... Vanadium miner TNG Limited is raising $12.5 million to fund pre-development activities including final permitting, engineering and execution planning for its Mount Peake project in the Northern Territory.
The company, which has appointed Canaccord as lead manager and EverBlu as co-manager for the raise, will also use a portion of the funds to progress its green energy initiatives, including green hydrogen opportunities at both its Mount Peake project and its joint venture with AGV Energy.
The company has reserved the right to accept $2.5 million of additional subscriptions. The placement is priced at 9¢ per share - a 25 per cent discount to its last trading price of 12¢.
As well as vanadium, its Mount Peak project also has deposits of titanium and iron.
The company’s strategy is to develop a multi-generational, integrated mining and advanced processing operation to produce three products to export globally– vanadium pentoxide, titanium dioxide pigment and iron ore fines.
These will be produced using its unique titano-magnetite processing technology called TIVAN. Traditionally, when vandium is extracted, iron and titanium are discarded as waste products.
Its Mount Peak project has a planned 37 year mine life.
Its green energy strategy is running simultaneously, with the dual aim of reducing its net carbon footprint, as well as providing new business opportunities.
https://www.afr.com/street-talk/everblu-on-board-for-tng-s-12-5-million-raise-20211105-p596ba