Evion Group NL (ASX:EVG) Raises $2 Million in Rights Issue & Shortfall Placement
Equity Raise Details
Evion Group NL (ASX:EVG) has successfully raised $2.0 million through a Rights Issue and Shortfall Placement. The Rights Issue brought in $1.33 million, while the Shortfall Placement contributed $0.66 million.
Use of Proceeds
The funds will support the expansion of the Panthera Graphite Joint Venture in India, enhance production capacity from approximately 2,000tpa to 4,000tpa, finalise permitting for the Maniry Graphite Project in Madagascar, update the Battery Anode Materials study, and cover general working capital needs.
Bonus Options Offer
Evion will issue a pro-rata entitlement of one Bonus Option for every two shares held at the record date of 21 February 2025. The subscription price is 0.3 cents per share, with an exercise price of 3.0 cents per option. Shareholders may apply for surplus options if available.
Executive Comments
Managing Director Mr David Round stated, “There has been a tremendous show of support from our shareholders and new investors for the great strides Evion has taken to leap from small scale developer, to now be a credible producer of a high quality expandable graphite product, with a strong growth trajectory.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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