$150m to accelerate development of Clean TeQ

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.