ABx Group (ASX: ABX) has received firm commitments for a $1.5 million single tranche share placement to professional and sophisticated investors to help fund its ALCORE Pilot Plant.
The placement, in combination with the previously announced $7.5 million in grant funding under the Federal Government’s Modern Manufacturing Initiative (MMI), means that ALCORE’s pilot plant facility in NSW is fully funded.
ALCORE is a circular economy process that recovers fluorine from ‘excess bath’ (an aluminium smelter waste product) to produce hydrogen fluoride. This is combined with aluminium hydroxide to produce aluminium fluoride, a high-value chemical essential for aluminium smelting.
ABx Group Managing Director and CEO, Mark Cooksey, said that given the excellent continuing progress of both the ALCORE and rare earths projects, the ABx board is investigating reorganisation of the company’s projects to unlock additional value for shareholders.
I wish to thank new and existing shareholders for their strong support in this placement, which demonstrates the validity of our cutting-edge ALCORE technology,” Mr Cooksey said.
“In combination with the MMI grant, the ALCORE pilot plant facility is now fully funded. This is a major milestone for ABx, and we are excited about operating this pilot plant in 2024.”
Sequoia Corporate Finance Pty Ltd was appointed as Lead Manager to the placement by ABx.
