Australian high purity critical materials developer ChemX Materials closed its share purchase plan, raising $297,000.

Combined with a prior tranche one placement of $1.1 million, the total capital raised amounts to $1.4 million.

The funds will support the development of their 24tpa HiPurA high purity alumina pilot plant, working capital, and offer costs.

Share purchase plan participants are eligible for one free attaching option for every two new shares issued, exercisable at 9 cents per share for three years post-issue, pending shareholder approval.

Share issuance is scheduled for May 17. The capital raise is pivotal for commissioning the 24tpa HPA Pilot Plant in June.