GT1 raises A$14.6m for Canada lithium project
Australian-listed Green Technology Metals (GT1) has successfully raised A$14.6-million, or C$13-million, using the “flow-through shares” provision under Canadian tax laws.
The company issued 39.48-million new shares at A$0.37 a share, which represents a 32% premium to its last trading price on December 5.
“This financing round strategically leverages the least dilutionary mechanism for shareholders by optimising the benefits of the Canadian flow-through benefits regime,” commented executive director Cameron Henry.
The funding would be used for GT1’s exploration and feasibility works, he added.
“We are eagerly anticipating another transformative year for GT1 in 2024 on our path to become Ontario’s first lithium producer,” said Henry.
GT1 has progressed its Seymour mine development, in Ontario, to a definitive feasibility study, targeting a financial investment decision for the Seymour mine ahead of planned construction activities next year.
The company last week announced the outcomes of a preliminary economic assessment (PEA), which considers two development options, and confirmed “excellent” economics with a combined mine and concentrator development delivering an aftertax net present value of C$1.19-billion and an internal rate of return of 54%.
The combined Seymour and Root mine and spodumene concentrators development will culminate in 15 years of mine production, with phased capital expenditure (capex) and life-of-mine concentrate production of 207 000 t/y at 5.5% lithium oxide. Initial startup capex of C$216-million and second phase capex of C$267-million will be required.
The second part of the PEA includes the conversion of lithium concentrates to lithium chemicals, which are currently unavailable in North America.
Both development options are independently feasible.
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