Alkemy Capital Investments PLC shares jumped on Wednesday after completing a £1.4 million fundraise.
The London-based company focussed on developing projects in the energy transition metals sector placed 657,711 shares at £1.40 each raising GBP£921,000, including £10,000 from Alkemy director, Helen Pein.
The company said whilst legally restricted from participating directly in the placing at this time, Non-Executive Chair Paul Atherley and Non-Executive Director Sam Quinn have also agreed to contribute though the advance of unsecured, interest free loans of £430,000.
Alkemy said proceeds will be used to advance the company’s projects and provide sufficient working capital over the next twelve months.
It continues to advance discussions and negotiations with counterparties for lithium feedstock and the group’s major shareholders have also committed to provide any additional working capital that may be required to enable it to reach this milestone.
Alkemy is seeking to establish the world’s leading independent and sustainable lithium hydroxide production by developing state-of-the-art lithium sulphate and lithium hydroxide facilities in Australia and the UK.
The firm said direct participation in the placing by Atherley and Quinn would have triggered a mandatory offer for the company under Rule 9 of the Takeover Code.
Alkemy has agreed that the amounts be repaid to Atherley and Quinn by the issue of shares at the placing price at the earliest time permissible, which is envisaged to be in or around August.
Shares in Alkemy closed up 3.2% at 160.00 pence in London on Wednesday, having hit 190.00p earlier in the day.
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