Technology Minerals PLC - London-based junior mining company, with a portfolio of battery metal projects focused on cobalt, lithium, copper, nickel, and manganese - Raises GBP500,000 from a long-term shareholder through the issue of convertible loan notes. The CLNs carry a coupon of 6% for a term of six months from issue and are convertible into Ordinary Shares at 1.8 pence per ordinary share.

"The CLNs will provide further support as the company continues its twin-track growth strategy to create a circular economy for battery metals through the scale up of operations at Recyclus' lithium-ion battery recycling plant in Wolverhampton, UK, and the development of its battery metals exploration assets," Technology Minerals says.

Also, on Thursday, provides an update on an incident at its 48.25% owned battery recycling business, Recyclus Group Ltd. Says there has been an "isolated fire" on Wednesday evening at Recyclus's LiBatt plant in Wolverhampton, involving a single pallet of batteries. Notes that no other buildings were effected and no one was hurt, whilst the commissioning phase is proceeding on track and there are no delays. The fire was contained within 40 minutes.

"The fire broke out in a goods inward building and was contained within one of seven bays which is used to store batteries prior to processing, and is separate to the recycling plant. There was no damage to the other six bays. The batteries arrived at the facility through a third party and were being stored, ready for processing," it says.

Current stock price: 1.58 pence, down 13% on Thursday

12-month change: down 14%

By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.