Element 25 (ASX:E25) will raise AU$2.9 million via the issuance of 8.7 million fully-paid ordinary shares to Acuity Capital Investment Management at AU$0.3275 per share, according to a Thursday Australian bourse filing.
The issuance will be conducted under the companies' at-the-market subscription agreement, the filing said. The shares will be issued under the shareholder approval obtained at the mining company's annual general meeting on Nov. 22, 2024.
The company will use the funds for its working capital.
Element 25's shares rose almost 2% in recent trading on Thursday.
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