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Australian Mines managing director shows faith in battery metals strategy with on-market purchase

The company recently received firm commitments to raise $1.45 million which will be used to produce battery-grade nickel sulphate and cobalt sulphate.

Australian Mines Ltd - Australian Mines managing director shows faith in the company through purchase of shares
Australian Mines is using its mining experience to develop cobalt-nickel-scandium projects in Australia

Australian Mines Ltd (ASX:AUZ) managing director Benjamin Bell has demonstrated his faith in the company's battery metals strategy through the purchase of shares in an on-market transaction.

An indirect interest in which Bell is associated acquired 1 million shares in the company on April 17, increasing the total number of shares held in this interest to more than 12.493 million.

The managing director also holds 53.6 million shares in a direct interest.

Firm commitments to raise $1.45 million

On April 14 the company received firm commitments for a share placement to raise $1.45 million before costs, which represents a "strong endorsement" of the company's battery metals strategy.

The placement has been made to a single UK-based institutional investor unrelated to the company and comprises the issue of 181.25 million new shares at a price of 0.8 cents per share.

It also includes one free attaching unlisted option for every four new shares subscribed, with an exercise price of 1.5 cents and expiring two years from the date of issue.

Funds raised will be used to produce battery-grade nickel sulphate and cobalt sulphate for potential offtake and financing partners, as well as for general working capital.

“Globally significant producer of battery materials”

At the time Bell said: “The commitment to invest $1.45 million is seen as a strong endorsement of the potential of Australian Mines’ Sconi Project to become a globally significant producer of battery materials.

“This investment will help support our work to develop Sconi, expand the market for scandium and complete the production of samples, which are a key component in our ongoing discussions with potential offtake and financing partners.”

Quick facts: Australian Mines Ltd

Price: 0.014 AUD

Market: ASX
Market Cap: $55.46 m

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