On June 18, Dynanonic announced that it plans to issue shares to specific investors to raise total funds of no more than Yuan 2.9 billion. After deducting issuance expenses, the proceeds will be used for the integrated new lithium battery materials (Phase I) project (the 200,000-tonne-per-year phosphate-based new materials project) and to replenish working capital.
Specifically, the integrated lithium battery materials project has a total investment of Yuan 2.4 billion, of which Yuan 2.15 billion is expected to be funded by the offering, the remaining Yuan 750 million from the offering will be used for working capital supplementation.
The project is designed to add an annual production capacity of 200,000 tonnes of a new generation of high-compaction phosphate-based materials, in order to meet the growing demand from the EV and energy storage markets and to enhance the company's market competitiveness.
Edited by Cassie Li, lixiangying@mysteel.com
