Finland’s Keliber has raised more than €10-million through directed share issues to current shareholders and personnel of the company, with the Finnish Minerals Group now the company’s largest shareholder.

The share issue directed to the current shareholders of the company was oversubscribed, the lithium project developer reported on Friday and noted that Finnish Minerals Group has more than 24% of the number of shares and voting rights of Keliber.

Subsequent of the directed share issue and the incentive issue for the new permanent personnel of the company, the total number of outstanding shares in Keliber is 1 290 867, of which 160 000 are Series A shares and 1 130 867 Series B shares.

“We are very pleased with the results of the share issues. We continue our work to secure the required permits and commence detailed engineering for the construction of our lithium project. We also have strong focus in the implementation of our product and market strategy and negotiations with our potential customers,” commented CEO Pertti Lamberg.

He also noted that preparations for financing the construction stage of its project were proceeding as planned in cooperation with its appointed advisers.

The company earlier this month appointed Carnegie Investment Bank and Nordea Bank as advisers for the equity financing for the company’s mining and lithium chemical production project. The advisers will explore different financing options, including a potential initial public offering through a listing of the company’s shares.

Some months ago, Keliber appointed Northcott Capital as the coordinator of the debt financing. Initial contacts have been established with relevant banks and sources of debt financing, and assessments of opportunities are ongoing.

Based on the June 2018 definitive feasibility study, the project would require an investment of €250-million, which would be funded through a combination of debt and equity.