Technology Minerals PLC, a junior mining company based in London with a portfolio of battery metal projects focused on cobalt, lithium, copper, nickel, and manganese, has raised GBP500,000 from a long-term shareholder through the issuance of convertible loans. The Convertible Loan Notes (CLNs) carry a 6% coupon for a six-month period from the date of issue and are convertible into ordinary shares at a conversion price of 1.8 pence per ordinary share.
“The CLNs will provide further support as the company continues its dual-track growth strategy of creating a circular economy for battery metals through scaling up operations at Recyclus’ lithium-ion battery recycling facility in Wolverhampton, UK, and developing its battery metal exploration assets,” said Technology Minerals.
On Thursday, the company also provided an update on an incident at Recyclus Group Ltd, a battery recycling company in which Technology Minerals holds a 48.25% stake. There was an “isolated fire” on Wednesday evening at Recyclus’ LiBatt factory in Wolverhampton, involving one pallet of batteries. The company noted that no other buildings were affected, no injuries occurred, the commissioning process is progressing as planned, and there are no delays. The fire was brought under control within 40 minutes.
“The fire broke out in a goods reception building and was limited to one of the seven loading bays used for the storage of batteries prior to processing, and it is separated from the recycling facility. There was no damage to the other six bays. The batteries arrived at the facility via a third party and were stored, ready for processing,” the company stated.