According to a term sheet, Hexagon is aiming to place around 32 million shares at A19c per share to raise at least $6 million, but the company will consider placing an additional $1 million depending on interest.

Cornerstone support has already been secured.

The issue price for the placement is 19c per share, an 8% discount to the 10-day volume-weighted average price of Hexagon shares.

Foster Stockbroking and Aetas Global Markets are joint lead managers to the placement.

In March, Hexagon welcomed Mineral Resources as a 51% partner at its McIntosh graphite project in Western Australia.

MinRes will complete a feasibility study for stage one, with the JV and the current capital raising to allow Hexagon to focus on stage two, comprising downstream processing.

Hexagon shares remained in a trading halt and last traded at A19.5c.