ZincOx Resources, which treats and recycles EAFD, has conditionally placed 14.36m new shares in the company at 45p each, with the anticipated proceeds to be used to complete the ramp-up of its first recycling plant, KRP1.
The KRP1, or Korean Recycling Plant, is located in the Cheonbuk Industrial Complex in South Korea.
The company expects to raise proceeds of of 36.5m before expenses, which will also be used towards the expansion of the KRP2 project and projects in other parts of the world, as well as to provide working capital.
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Andrew Woollett, Executive Chairman of ZincOx, said: "We anticipate that the funds to be raised in this placing will enable us to bring our first recycling plant to full production and then move forward with work on the second plant at the same site in Korea and take first mover advantage to other territories around the world."
NR
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