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...