PERTH (miningweekly.com) – ASX-listed Hannans is hoping to raise A$2.5-million through a share purchase plan (SPP) to fund lithium exploration in Western Australia.
Eligible shareholders will be able to purchase up to A$15 000 worth of new Hannans shares, with the issue price to be determined at the end of the SPP offer period, and will be equal to a 20% discount to the volume-weighted average share price for five days prior to the closing of the SPP.
Hannans said on Tuesday that its major shareholders, including fellow-listed Neometals, had all indicated their support for the raising, and had undertaken to subscribe for additional shares in any shortfall placement.
Funds from the capital raise would be used to fund lithium exploration at the Forrestania/Mt Holland asset, as well as to pay the costs associated with due diligence on any potential acquisitions, and to fund working capital.