Transaction Completed with Strategic Investor
Pursuant to the transaction, New Energy completed a A$1.5million placement in two tranches to UBezTT at $0.065 per share for a total of 23 million shares, which is a premium to the current share price. Shares were issued to UBezTT under the Company's existing ASX LR7.1 and LR7.1A placing capacity. Please see Appendix 1 (see link below) for further disclosures in relation to ASX LR 3.10.5A.
In addition to the placement, the A$3.5 million equity investment by UBezTT in Balama Resources Pty Ltd ("Balama") has been concluded in return for 50% of the enlarged capital of Balama. Balama is the holder of an 80% interest in the Caula Vanadium-Graphite project. All funds in relation to the placement and the Balama investment have been received by the Company and all relevant shares issued.
New Energy Minerals Managing Director Bernard Olivier Commented: "We are pleased to have completed this transaction and we welcome Mr Ching's investment into New Energy. With the scoping study now completed, we look forward to applying these funds to fast-tracking the development of the Caula Vanadium Graphite Project".
Note: Refer to ASX Announcement dated 7 November 2018 for full details of the transaction
To view the Appendix, please visit:
About New Energy Minerals Ltd
The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations. New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.
New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.
New Energy Minerals Ltd