The company will use the funds raised to advance the final feasibility study (Feasibility Study) for its Gabanintha Vanadium project in Western Australia.
An updated list of the 20 largest shareholders was released today, indicating that the group owns 44.94% (39,345,024) shares.
Technology Metals is working on a resource update for Gabanintha as it aims to deliver its feasibility study in mid-year.
Gabanintha's global resources are 98.4 million tonnes with 0.8% vanadium in the Northern Block and 21.5 million tonnes with 0.9% vanadium in the southern building.
In the company's December quarterly report, Chairman Michael Frye said:
The company released a pre-feasibility study for Gabanintha last June, valuing the project at $ 1.28 billion at a 10% discount.
The internal rate of return was 55%, while the mine life was estimated at 13 years and the payback was 3.4 years.
