Clean TeQ accelerates Sunrise development

CLEAN TeQ Holdings believes its Sunrise nickel-cobalt project in New South Wales could be in production a year earlier after it raised A$150 million to accelerate development.

Clean TeQ accelerates Sunrise development Clean TeQ accelerates Sunrise development Clean TeQ accelerates Sunrise development Clean TeQ accelerates Sunrise development Clean TeQ accelerates Sunrise development

The funds will be raised via an institutional placement at $1.15 per share, a 6.1% discount to yesterday’s closing price.

The placement is fully underwritten by Macquarie and BMO Capital Markets.

The company is looking to raise additional funds via a share purchase plan at the same price.

Clean TeQ already had cash of $41.8 million at the end of December.

The proceeds of the raisings will fund early works at the Sunrise project and enable the company to order long-lead items.

Last year, Clean TeQ acquired two autoclaves for US$6.5 million, which have been shipped to Australia.

The acquisition, and the injection of funds, cou...