Element 25 raises $1 million via Acuity Capital controlled placement facility and RareX share sale

Element 25 Ltd (ASX:E25) has utilised its controlled placement agreement with Acuity Capital to raise $555,000 (inclusive of costs) by agreeing to issue 1.53 million shares to Acuity at an issue price of 36.3 cents.

This issue price represents a 1.3% premium to the 15-trading day VWAP of 35.8 cents to May 26, 2020, and a 1% discount to the last closing share price of 36.5 cents.

The shares will be issued out of the companys LR7.1A capacity and settlement is scheduled for Friday, May 29, 2020.

Sale of RareX holding[hhmc]

The company also sold 12,537,965 RareX Ltd (ASX:REE) shares in May for a total of $462,780 after brokerage costs.

The total funds raised from the two transactions is $1,017,780, which will be used towards additional working capital.

Butcherbird PFS[hhmc]

E25 recently completed a pre-feasibility study for the Butcherbird Manganese Project, which contemplates the export and sale of manganese concentrate froRead More – Source

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