Ashanti Capital is pleased to have acted as Joint Lead Manager to raise A$4.6m for Evolution energy Minerals (ASX: EV1).

ARCH Sustainable Resource Fund LP, a cornerstone investor in EV1, has demonstrated its continued support with an investment of A$1.14m, maintaining its 24.71% holding.

Placement proceeds will primarily be used to progress the proposed investment of BTR New Material Group Co. Ltd to completion; Chilalo optimisation and progressing project financing; Continued execution of the Resettlement Action Plan, a pre-requisite for the development of Chilalo; and Progressing US downstream battery anode collaboration with BTR.

MD, Phil Hoskins, commented: “This is an exciting time for Evolution as we focus on delivering our strategy to become a vertically integrated producer of anode materials using fine flake graphite from Chilalo. Subject to completion of the transactions with BTR New Material Group Co. Ltd, Evolution will have the opportunity to partner with the world’s largest producer of lithium-ion battery anodes, thereby providing a pathway to vertical integration.”

Congratulations to Phil Hoskins and the Evolution Energy Minerals team on a successful raising.