REG - Neometals Ltd - Results of Entitlement Offer

NeometalsAnnouncement

06/11/2024 07:00

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RNS Number : 0773L  Neometals Ltd  06 November 2024

 

 

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 which is part of UK law by virtue of the European Union (withdrawal)
Act 2018. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

6 November 2024

Neometals Ltd

("Neometals" or "the Company")

Results of Entitlement Offer

Sustainable process technology developer, Neometals Ltd (ASX: NMT & AIM:
NMT) (Neometals or the Company), advises that Neometals' non-renounceable
pro-rata entitlement offer announced on the ASX on 11 October 2024
(Entitlement Offer)(( 1 )) of new fully paid ordinary shares in Neometals (New
Shares), closed on 30 October 2024.

Capitalised terms not defined in this announcement have the meaning given to
them in the offer booklet released on the ASX by NMT on 11 October 2024 in
relation to the Entitlement Offer (Offer Booklet).

Neometals received applications from Eligible Shareholders under the
Entitlement Offer for 12,643,088 New Shares at the issue price of A$0.09 per
New Share (Offer Price), representing an approximate 22% take up. Eligible
Shareholders were also offered the opportunity to apply for additional New
Shares in excess of their Entitlement, at the Offer Price under the Top Up
Facility. When combined with the Top Up Facility, valid applications from
Eligible Shareholders in respect of the Entitlement Offer were approximately
A$3.1 million. New Shares under the Entitlement Offer have been issued today,
with the normal trading of those New Shares expected to begin on 7 November
2024.

 Shortfall Notification
 Total number of New Shares available under the Entitlement Offer                57,496,821
 Total number of New Shares subscribed for under the Entitlement Offer           12,643,088
 (excluding the Top Up Facility)
 Total number of New Shares subscribed for under the Top Up Facility             22,039,300
 Total New Shares subscribed for under the Entitlement Offer (including the Top  34,682,388
 Up Facility)

 Total Shortfall Shares                                                          22,814,433

 

Neometals reserves the right to place any Shortfall Shares at its discretion
(including in conjunction with the Lead Manager) but has made no decision to
do so at this stage. Any Shortfall must be issued within three months after
the Closing Date and at a price per New Share that is not less than the Offer
Price. Shortfall Shares will not be allocated or issued where Neometals
considers that to do so would result in a breach of the Corporations Act, the
Listing Rules or any other relevant regulation or law.

Total Funds Raised

Together with the Placement to sophisticated, professional and other
institutional investors that raised approximately A$4 million (before costs),
the gross proceeds under the Placement and the Entitlement Offer (the
Entitlement Offer and the Placement are together referred to as the Offer) are
approximately A$7.1 million.

The proceeds from the Offer will be directed towards:

·    LiB recycling development

·    Lithium and vanadium technology research and development

·    Barrambie Gold and Titanium

·    Staff, general and administrative costs

Application will be made to the London Stock Exchange for the New Shares to be
admitted to trading on AIM. It is currently expected that Admission will
become effective, and that dealings in the New Shares will commence on AIM, at
8.00 a.m. on 11 November 2024. The Enlarged Issued Share Capital, as increased
by the New Shares, immediately following Admission (and excluding any issues
of shares pursuant to the exercise of any employee share incentives or options
between the date of this Announcement and Admission) will be 769,425,084
Ordinary Shares.

The New Shares, when issued, will be credited as fully paid and will rank on
Admission pari passu in all respects with each other and with the Existing
Shares, including the right to receive all dividends and other distributions
declared, made or paid after the date of issue.

 

Authorised for release by the Board of Neometals Ltd.

- ENDS -

For more information, please contact:

 

 Neometals Ltd
 Chris Reed, Managing Director & Chief Executive Officer       +61 8 9322 1182
 Chris Kelsall, CFO & Company Secretary                        +61 8 9322 1182

 Cavendish Capital Markets Ltd - NOMAD & Broker
 Neil McDonald                                                +44 (0)131 220 9771
 Peter Lynch                                                  +44 (0)131 220 9772
 Adam Rae                                                     +44 (0)131 220 9778

About Neometals

Neometals facilitates sustainable critical material supply chains and reduces
the environmental burden of traditional mining in the global transition to a
circular economy.

The Company is commercialising a portfolio of sustainable processing solutions
that recycle and recover critical materials from high-value waste streams.

·      Neometals' core focus is its patented, Lithium-ion Battery
("LiB") Recycling technology (50% NMT), being commercialised in a 50:50
incorporated JV (Primobius GmbH) with 150-year-old German plant builder, SMS
group GmbH. Primobius is supplying Mercedes-Benz a 2,500tpa recycling plant
and operates its own LiB Disposal Service in Germany. Primobius' first
21,000tpa commercial plant will be offered to Stelco under an existing
technology licence for North America.

Neometals is developing two advanced battery materials technologies for
commercialisation under low-risk, low-capex technology licensing business
models:

·      Lithium Chemicals (70% NMT) - Patented ELi™ electrolysis
process, co-owned 30% by Mineral Resources Ltd, to produce battery quality
lithium hydroxide from brine and/or hard-rock feedstocks at lowest quartile
operating costs. Pilot scale test work and Engineering Cost Study update
planned for completion in DecQ 2024; and

 

·      Vanadium Recovery (100% NMT) - Patent pending hydrometallurgical
process to produce high-purity vanadium pentoxide from steelmaking by-product
("Slag") at lowest-quartile operating cost and carbon footprint.

 

For further information, visit: www.neometals.com.au
(https://www.neometals.com.au/) .

 1  For full details refer to Neometals ASX announcement headlined "Neometals
Successfully Closes $4 Million Placement and Announces Entitlement Offer"
released on 11 October 2024.

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