Metalicity raises A$3m to advance lithium strategy

6th June 2016 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

JOHANNESBURG (miningweekly.com) – ASX-listed explorer Metalicity has raised A$3-million from members of the China Battery Association for its lithium exploration and business development strategy.

The company reported on Monday that it had entered into a nonbinding memorandum of understanding with China New United Shanghai Metal Resources to jointly fund, develop and acquire lithium projects, and for an offtake of between 100 000 t/y and 150 000 t/y.

Controllers of Shanghai Metals had agreed to subscribe for shares in Metalicity at 7c each to raise A$3-million.

The junior has a A$1-million exploration programme under way in the Pilgangoora, Greenbushes and Lake Cowan lithium districts.