Element 25 Ltd (ASX:E25, OTCQX:ELMTF) has extended the closing date for its current share purchase plan (SPP) to 5:00pm on Wednesday June 26, Australian Western Standard Time (AWST).
The extension gives eligible shareholders additional time to consider their positions and ensure they can submit their applications and payments.
As previously reported, the company is targeting a $5 million raise with funds to be used to advance its prime projects, including focusing on the Butcherbird Stage 2 Expansion Project at the Butcherbird mine site in the southern Pilbara region of Western Australia.
Additionally, the company is supporting the high-purity manganese sulphate monohydrate (HPMSM) project, which will be constructed in Louisiana, USA, in collaboration with General Motors (NYSE:GM) LLC and Stellantis NV (NYSE:STLA, EPA:STLA).
We caught up with managing director Justin Brown this week to talk about how the company intends to capitalise on the recent increase in manganese ore prices and how that impacts a potential restart at Butcherbird.
SPP details
The SPP offers eligible shareholders, who were registered as of 5:00pm (AWST) on Monday May 20, the chance to apply for up to $30,000 of new fully paid ordinary shares.
These new shares are priced at $0.27 per share, representing a 14% discount to the volume weighted average price (VWAP) of Element 25 shares over the last five trading days prior to the SPP announcement.
Read more on Proactive Investors AU
