Metal company Clean TeQ (ASX:CLQ) is conducting an underwritten instititonal placement to raise a minimum of $150 million at $1.15 per share.The Sunrise Nickel Cobalt Scandium Project in New South Wales is one of the largest nickel and cobalt deposit outside of Africa and one of the larges and highest grade scandium deposits in the world.
The $150 million will fund early works and fast track first production by around a year.
There will be a Non-underwritten Share purchase plan (SPP) for eligible shareholders in Australia and New Zealand to apply for up to $15,000 of fully paid ordinary shares at the same price as the Placement.
Shares in Clean TeQ (ASX:MTR) are on a trading halt. Last traded at $1.23.