GreenTech Metals Limited Secures Oversubscribed AU$3.4 Million Capital Raise

Highlights:

• AU$3.4 million raised: GreenTech Metals Limited (ASX: GRE) secures AU$2.3 million through an oversubscribed placement and additional funds from a AU$1 million drill-for-equity agreement with Topdrill.
• Exploration funding: The raised capital will primarily fund exploration at the Whundo Copper Project, with drilling set to commence in December 2024.
• Additional support: GreenTech receives a AU$140,000 co-funding grant from the WA Government’s Exploration Incentive Scheme (EIS) to support drilling at the Shelby target.

Strong Investor Support for Capital Raise

GreenTech Metals Limited (ASX: GRE) has successfully raised AU$3.4 million in an oversubscribed placement to fund exploration at its Whundo Copper Project. The company secured firm commitments from sophisticated and institutional investors, raising AU$2.3 million via the placement of 28.75 million new shares at an issue price of AU$0.08 per share. The funds raised will primarily support the ongoing exploration drill program at Whundo, with additional allocations for its Ruth Well and Osborne lithium projects, as well as general working capital.

Strategic Drilling and Equity Agreement
In addition to the capital raise, GreenTech has entered into a AU$1 million drill-for-equity agreement with Topdrill Pty Ltd. This agreement allows GreenTech to part-pay up to 35% of drilling costs with company shares, facilitating cost-effective exploration at Whundo. GreenTech also secured a AI$140,000 co-funding grant under the Western Australia Government’s Exploration Incentive Scheme (EIS) to support drilling at the Shelby target within the Whundo project.

Planned Exploration and Shareholder Engagement

The proceeds from the placement and agreements will advance GreenTech’s staged drilling program at Whundo, with drilling set to begin in December 2024. The company is also offering options to investors and its lead manager, CPS Capital Group Pty Ltd, pending shareholder approval. The upcoming shareholder meeting will provide further details on these initiatives. At the time of writing, GreenTech's share price stands at AU$0.097, reflecting a 17.5% discount to the last traded price.

This capital raise positions GreenTech to accelerate its exploration efforts and expand its copper and lithium projects, contributing to its growth in the coming years.

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