PERTH (miningweekly.com) – ASX-listed Future Battery Minerals will raise A$7.6-million in a share placement to accelerate exploration at its Kangaroo Hills and Nevada lithium projects.
The company on Friday said it had received firm commitments for the placement of more than 75.8-million shares, in two tranches, at a price of 10c a share.
The first tranche of the share placement will consist of more than 51.9-million shares, to raise an initial A$5.1-million, with the second tranche of 23.85-million shares to be issued subject to shareholder approval.
Gina Rinehart’s Hancock Prospecting has agreed to participate in the placement as a cornerstone investor, subscribing for A$2.65-million shares in Future Battery Minerals, across the two tranches.
“We are extremely pleased with the strong support received from both new and existing professional, sophisticated and institutional investors, and we welcome Hancock Prospecting to our register,” said Future Battery Minerals executive chairperson Mike Edwards.
“The strongly oversubscribed placement not only confirms the quality of our projects but is also validation of the experience and track record of our dedicated teams in Western Australia and Nevada. We now look forward to continuing our exciting journey in the knowledge we are fully funded to accelerate exploration and development at both the Kangaroo Hills and Nevada lithium projects. We look forward to updating the market as we progress.”