ChemX Materials Limited

$1.118m Placement and Launch of Share Purchase Plan to Fund Completion of HPA Pilot Plant

ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian based high purity critical materials developer, is pleased to advise it has received firm commitments under the Placement from new and existing professional, sophisticated investors to subscribe for 21,937,508 fully paid ordinary shares (Shares) at an issue price of $0.048 per Share to raise approximately$1,053,000.


Highlights

  • $1,118,000 raised pursuant to placement to professional, sophisticated investors (“Placement”)
  • Launch of Share Purchase Plan (“SPP”) to raise up to a further $500,000.
  • Funds raised from Placement and SPP to fund completion of HPA Pilot Plant in O’Connor in Perth, Western Australia.
  • Participants of the Placement and SPP to receive one free attaching option for every two shares subscribed for and issued with an exercise price of $0.09 on or before three years from the date of issue (“Attaching Options”) subject to shareholder approval.
  • High Purity Alumina (“HPA”) Pilot Plant reaches 80% construction milestone, enabling early-stage commissioning to commence in-line with its original project timeline to deliver first 4N HPA material in Q2 CY2024.
In addition, Directors have committed to subscribe for 1,354,166 Shares, subject to shareholder approval, under the Placement to raise an additional $65,000 at the same issue price. One free Attaching Option will be issued for every two Shares subscribed for under the Placement which will raise a total of approximately $1,118,000 before costs.

Funds raised under the Placement will be applied towards completion of the HPA Pilot Plant, working capital and costs of the offer.

ChemX has achieved a number of important milestones within its HPA Pilot Plant construction enabling early-stage commissioning activities to commence in the O’Connor facility in Perth, Western Australia.

Over 80% of the critical equipment for the Pilot Plant has been received and the ChemX team is undertaking individual stage early-commissioning activities in line with its original project timeline to deliver first 4N HPA material in Q2 CY2024.

ChemX is well positioned to take advantage of expected increased demand for HPA across electric vehicle battery separators and LED, Synthetic sapphire and semiconductor markets.

The Shares issued under the Placement (other than those to be issued to Directors) will be issued pursuant to the Company’s available placement capacity under ASX Listing Rule 7.1A (9,534,317 Shares) and 7.1 (12,403,191 Shares).

SHARE PURCHASE PLAN

In addition to the Placement, the Company will be offering eligible shareholders the opportunity to participate in the Company’s capital raising activities via the SPP for up to a further $500,000 (before costs and with the ability to take oversubscriptions) from the issue of 10,416,667 Shares.

Under the SPP, eligible Shareholders will be able to subscribe for Shares up to the value of $30,000 at an issue price of $0.048 per Share. In addition, the Company will separately offer one free Attaching Option for every two new Shares issued, exercisable at $0.09 per Share and expiring 3 years from the date of issue.

Documentation relating to the SPP and a Prospectus for the issue of the Attaching Options will be sent to eligible shareholders shortly.

The Attaching Options offered under both the Placement and SPP are subject to Shareholder approval and will be offered under a prospectus to be lodged shortly by the Company. The Attaching Option terms and conditions are included in Annexure A.

The issue of Shares under the Placement is not subject to shareholder approval as it falls within ChemX’s available placement capacity under Listing Rules 7.1 and 7.1A. A Notice of Meeting to approve the issue of Attaching Options under the Placement and SPP, Director participation in the Placement and other matters as necessary will be circulated in due course.

At the conclusion of the Placement, the Company will have 118,634,847 Shares on issue. Following the SPP offer to raise $500,000 (with the ability to take oversubscriptions), the Company will have a total of 129,051,514 Shares on issue.


Click here for the full ASX Release

This article includes content from ChemX Materials, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

CMX:AU
ChemX Materials

ChemX Materials Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
ChemX Materials (ASX:CMX)

ChemX Materials


Keep reading...Show less
Positive Feasibility Study Demonstrates Profitable Magnet Recycling Business in UK

Positive Feasibility Study Demonstrates Profitable Magnet Recycling Business in UK

Landmark Belfast facility backed by UK Government shows strong returns and supply chain engagement

Ionic Rare Earths Limited (“IonicRE” or the “Company”) (ASX: IXR) wholly owned subsidiary Ionic Technologies is on track for the development of a unique commercial REO manufacturing facility in Belfast, UK, following the successful completion of a Feasibility Study that demonstrates both strong financial returns and environmental sustainability. The study positions Ionic Technologies as the ‘first mover’ in the development of a sustainable, traceable and sovereign UK/Europe supply chain, meeting the demands of the net-zero transition, advanced manufacturing and defence.

Keep reading...Show less
CuFe Ltd

Sale of Crossroads Gold Royalty for A$4 Million Cash

CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to announce that its wholly owned subsidiary Jackson Minerals Pty Ltd (Jackson) has entered into a binding sale and purchase agreement with Northern Star (Saracen Kalgoorlie) Pty Ltd and Northern Star (KLV) Pty Ltd (collectively Northern Star) for the sale of Jackson’s 2% Net Smelter Royalty over Northern Star’s Crossroads gold project.

Keep reading...Show less

Ucore Closes Private Placement Financing

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce that has closed its previously announced non-brokered private placement offering of 4,803,329 units (the "Units") at a price of $0.50 per Unit for gross proceeds of $2,401,665 (the "Offering"). Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share") for a period of 24 months following the date of closing of the Offering (the "Closing Date", being the date hereof) at an exercise price of $0.75.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
ChemX Materials

ChemX Receives $661,890 R&D Refund

ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials company and 100%-owner of the HiPurA® patented process to produce High Purity Alumina (HPA) in O’Connor, Western Australia is pleased to advise it has received its FY24 R&D Refund from the ATO.

Keep reading...Show less
Person signing paper.

Viridion Joint Venture Signs MOU for Rare Earth Magnet Supply in Brazil

Viridion, a joint venture between Ionic Rare Earths (ASX:IXR,OTC Pink:IXRRF) and Viridis Mining and Minerals (ASX:VMM), has signed a five year memorandum of understanding (MOU) with the owner of Lab Fab.

Lab Fab, which is owned by SENAI FIEMG Innovation and Technology Centre, is South America's first rare earth magnet laboratory. The facility is located in Brazil, which is looking to boost its rare earths presence.

The MOU will target the joint development and production of rare earth magnets at Lab Fab.

Keep reading...Show less
  Bastion Minerals

Up to 18% REE & 24% Copper PXRF Analyses in REE Line, Sweden - Coinciding with High Magnetic Responses

Bastion Minerals Ltd (ASX:BMO or the Company) is pleased to provide an update on its activities in Sweden, where the Company holds the highly prospective high-grade copper (Cu) and Rare Earth Elements (REE) Gyttorp area no. 100 property (Gyttorp Project or Gyttorp) and eight additional properties along the REE line (Figures 1 and 2, Table 1).

Keep reading...Show less
ChemX Materials

ChemX Materials Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×