PERTH (miningweekly.com) – ASX- and TSX-listed Orocobre on Friday told shareholders that it would participate in a C$12-million private placement by TSX-V-listed Advantage Lithium.
Advantage will issue more than 15.5-million shares, at a price of C$0.77 each, to raise the funds, with Orocobre investing a total of C$5-million.
Following the placement, Orocobre will hold a 33.5% interest in Advantage, which holds a 75% interest in the Cauchari lithium project, in Argentina, and holds three additional lithium exploration properties in the region.
Advantage will use the capital raised to fund its continued development and exploration activities on its properties in Argentina.