American Pacific raises cash ahead of name change and NASDAQ move

AMERICAN Pacific Borates has raised A$37 million ahead of its upcoming listing on NASDAQ.
 American Pacific raises cash ahead of name change and NASDAQ move  American Pacific raises cash ahead of name change and NASDAQ move  American Pacific raises cash ahead of name change and NASDAQ move  American Pacific raises cash ahead of name change and NASDAQ move  American Pacific raises cash ahead of name change and NASDAQ move

Fort Cady, USA

Staff Reporter

The fundraising was priced at $2.10 per share and involved three undisclosed institutional investors.

APB highlighted the fact one of the three was a "North American family office".

The listing in the US will see the company become known as 5E Advanced Materials.

The company claims to have a "top-tier boron and lithium project (Fort Cady), with substantial reserves and permits in place, a proven team, and a strong balance sheet to finance such efforts".

An updated bankable feasibility study for Fort Cady (located in southern California), is due in the second quarter next year.

APB had cash at the start of the current quarter of $48 million.

Shares in APB were down 7% to $2.23 in morning trade, capitalising the company at $870 million.

The stock was at 80c 12 months ago.