With the global shift towards renewable energy sources, the drive for advanced battery technology has intensified. Leading the charge is the ASX-listed company, Future Battery Minerals. The firm has successfully secured a substantial A$7.6-million in funding to propel their exploration ventures at Kangaroo Hills and Nevada lithium projects.
Future Battery Minerals unveiled that it has garnered firm commitments to allot over 75.8 million shares, spread across two separate tranches, each priced at 10c per share.
The primary tranche will account for the allocation of more than 51.9 million shares, raising an initial sum of A$5.1 million. The following tranche, comprising 23.85 million shares, will be released pending shareholder endorsement.
A significant highlight of this fundraising endeavor is Gina Rinehart’s Hancock Prospecting’s decision to step in. This mining powerhouse has signaled its intention to serve as a pivotal investor, staking a claim for A$2.65-million shares in Future Battery Minerals, encompassing both tranches.
Mike Edwards, the Executive Chairperson at Future Battery Minerals, shared his perspective on this development. “The substantial interest and backing from both seasoned and emerging investors have been encouraging. It’s indeed an honor to have Hancock Prospecting align with our vision,” remarked Edwards.
He added, “The extensive support we’ve witnessed through this placement underscores the reliability and potential of our initiatives. It resonates with the commitment and prowess of our teams stationed in Western Australia and Nevada.
This funding equips us to swiftly advance our exploration and development agendas at both Kangaroo Hills and the Nevada lithium sites. We’re eager to keep our stakeholders informed as we make strides in these endeavors.”
As Future Battery Minerals steers forward, global stakeholders keenly observe, anticipating breakthroughs that might revolutionize the battery tech sector, especially with the backing of industry stalwarts like Hancock Prospecting
