5E Advanced Metals (ASX:5EA) entered into a securities purchase agreement to issue and sell 1.8 million shares of common stock at $3.55 apiece in a private placement to raise around $6.4 million, according to a Wednesday filing with the Australian bourse.
The transaction is anticipated to close on May 15, the filing said.
The company expects proceeds to fund the next phase of commercial engineering design of its boron facility, according to the filing.
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