UK-based Cornish Lithium has raised £5.1-million through crowdfunding on a platform called Crowdcube, marking it as one of the largest crowdfunding endeavours undertaken in the UK this year.
Cornish launched the crowdfunding to provide exiting shareholders, as well as new retail shareholders, the opportunity to invest alongside a landmark £53.6-million fundraise announced on August 8 by UK Infrastructure Bank, Energy and Minerals Group, and TechMet.
Existing shareholders received priority access to the financing round with Crowdcube, who proceeded to invest a hefty £1-million in just 27 minutes.
The funds raised, coupled with the investment package, enables Cornish to progress its hard rock lithium project, in Cornwall, to construction-ready status.
The funds will also be used to complete engineering design work required to build a demonstration-scale geothermal water extraction facility.
“The proceeds of the crowdfunding along with those from our landmark investment package will give us the balance sheet strength to materially progress our projects in order to provide a secure, domestic source of lithium and support the UK’s automotive sector’s shift to electric vehicles, while providing long term career opportunities for the communities around the project,” comments Cornish CEO and founder Jeremy Wrathall.
Cornish Lithium is one of several projects that seek to revive Cornwall’s 4 000-year-old mining heritage.