£4m bond facility to fund expansion of listed firm’s West Midlands plant
Advisers from alternative law firm Spencer West have supported a listed UK company focused on creating a sustainable circular economy for battery metals in securing a £4m bond facility to fund expansion of its West Midlands plant and to advance it strategy further.
The team from the law firm advised Technology Minerals PLC in securing the bond facility with Macquarie Bank Limited (MBL) and Atlas Capital Markets LLC (ACM).
The agreement, which was announced to the London Stock Exchange this morning, will enable Technology Minerals to ramp up of the first phase of operations at its lead-acid battery recycling plant in Tipton and prepare to commence industrial-scale processing through an automated plant following approval from the Environmental Agency.
It will also support operating costs and capital expenditure required to accelerate the company’s twin-track growth strategy to create a circular economy for battery metals to capture the industrial scale opportunity for recycling Lithium- ion and lead-acid batteries
Paul Puxton of Spencer West said: “This is an important step for the company in delivering its strategy and enabling them to invest further in its Tipton plant and shows the confidence investors can have in both the business and its future plans.
“We’re delighted to have been able to support them in unlocking the next phase of their growth and look forward to working with the team and watching the business continue to go from strength to strength.”
Alex Stanbury, CEO of Technology Minerals, said: “We are delighted by the confidence Macquarie Bank and Atlas Capital Markets have shown in us and look forward to working with them closely as we turn our focus to scaling operations domestically and overseas.
“The £4m convertible bond facility complements our fundraise in November and strengthens the company’s position as we look to ramp up our operations at Tipton and progress with our twin-track growth strategy to create a circular economy for battery metals.”
Technology Minerals is developing the UK’s first listed, sustainable circular economy for battery metals, using cutting-edge technology to recycle, recover, and re-use battery technologies for a renewable energy future.
It extracts raw materials required for Li-ion batteries with exploration focussed in Ireland, Spain, Cameroon and three projects in the USA, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers. With the increasing global demand for battery metals to supply electrification, the group will explore, mine, and recycle metals from spent batteries.