5E Advanced Materials closes $8.31 million stock offering

5E Advanced Materials Inc. (NASDAQ: FEAM) completed an underwritten public offering of 2,374,481 common shares at $3.50 per share, generating gross proceeds of approximately $8.31 million before deducting underwriting fees and expenses.

Konik Capital Partners LLC served as the lead bookrunning manager for the offering. The company plans to use net proceeds, combined with existing cash and securities, for operating its small-scale boron facility, wellfield development and analysis, advanced planning for FEL-3 engineering, and general corporate purposes.

The offering was conducted under an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on December 20, 2023, and declared effective February 27, 2024.

5E Advanced Materials is a development-stage company focused on boron and lithium extraction and processing. The company operates from a resource base in Southern California that has been designated as Critical Infrastructure by the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency.

The company trades on both NASDAQ under the ticker FEAM and the Australian Securities Exchange as 5EA. Its business model targets applications in electric transportation, clean energy infrastructure including solar and wind power, fertilizers, and domestic security sectors.

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