(Alliance News) - Alkemy Capital Investments PLC shares jumped on Thursday, on the back of a GBP1.2 million oversubscribed placing of 1.2 million shares at GBP1 each.
Alkemy is a London-based company focused on acquisitions in the mining and technology metals sectors. Its shares were up 29% at 112.50 pence each in London on Thursday around midday.
As part of the placing, Chair Paul Atherley bought around GBP78,000 in shares, whilst Director Sam Quinn bought around GBP75,000 in shares. Atherley now holds a 43% stake in the company, meanwhile Quinn holds a 4.5% stake.
Alkemy said that the funds will be used to "fastrack" the development of Tees Valley Lithium Ltd's lithium hydroxide processing facility in Teesside, UK and for general working capital purposes. Tees Valley Lithium is its wholly-owned subsidiary.
It also announced a grant to directors and senior management of 590,000 share options at GBP1 each for a period of 5 years.
Alkemy & TVL Director Sam Quinn said: "We are grateful to all the existing and new shareholders who have contributed to this fundraise, which will help enable the further fast-tracked development of TVL's lithium hydroxide processing facility in Teesside, UK. Funds will be used to commence and advance FEED and to complete the planning process."
By Sophie Rose; sophierose@alliancenews.com
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Alkemy Capital. (ALK)