Press Release | Spencer West Partner Paul Puxon completes £2.5 million fundraise for Technology Minerals PlcPosted: 3 Apr 2023
Spencer West Partner, IP, technology and corporate law specialist Paul Puxon advised Technology Minerals PLC (LSE:TM1) on its successful fundraise of £2.5mln gross from a new high net worth investor through new shares (£0.8mln) and convertible loan notes (£1.7mln).
The UK-based company is working to create a circular economy for battery metals and is in the final stages of obtaining an Environmental Agency licence to commence industrial-scale processing.
According to the Company, these funds which were from a single investor will support Technology Minerals as it looks to scale-up operations at Recyclus' (48.25% owned by TM1) lithium-ion battery recycling plants in Tipton, West Midlands.
Alex Stanbury, Technology Minerals' chief executive, said: "We are pleased to secure funding from a new long-term shareholder, which provides us with sufficient runway to progress our projects currently underway. It comes at an exciting time with our mining assets progressing well and Recyclus in the final stages of securing EA approval to begin automated industrial-scale operations at the lithium-ion battery recycling plant. The funds strengthen our foundations as we pursue our twin-track strategy to create a circular economy for battery metals essential to the global transition to electrification.”
Shares issued in the fundraising were priced at 1p, a premium to the close on Friday, while the loan notes carry a coupon of 12%, run for two years and convert into shares at 3.5p.
The firm has said it believes there to be an estimated $6bn opportunity from lithium battery recoverable materials by 2030, as well as a $45bn second-life battery applications market.
Speaking about the fundraise, Paul Puxon said, “This is an exciting time within the Technology Minerals PLC story, and I was pleased to be able to advise on and help complete the £2.5million fundraise”
“With EA approval for Recyclus on the horizon, the Company are well placed to benefit from the projected growth of the battery processing sector as more people switch to electric vehicles. It has been a pleasure as always to support the team at Technology Minerals in my role as trusted advisor.”
Spencer West was recently named as the fastest growing alternative law firm in the UK and has more than 200 Partners internationally operating as individual businesses working collaboratively under the overall Spencer West brand.
It has attracted numerous partners from more traditional legal models as more and more lawyers look to operate as owners of their own businesses but working under a broader brand, bringing business knowledge to bear in their work alongside huge experience.
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