Core expands SPP raising
PERTH (miningweekly.com) – Lithium developer Core Lithium on Tuesday announced that it has increased its recently announced share purchase plan (SSP) from A$15-million to A$25-million, following significant interest from shareholders.
Core previously unveiled a A$106-million capital raise to fund the development of its Finniss lithium project, in the Northern Territory, consisting of a A$91-million fully underwritten placement and an SPP.
While the share placement has already been completed, Core on Tuesday said that it had received subscriptions in excess of A$43-million for the SPP, prompting the company to increase the size of the SPP.
Core will issue approximately 81-million new fully paid ordinary shares, which will rank equally with existing shares from their date of issue, to satisfy the SPP allocations. The new shares will be issued at $0.31 each, which is the same price offered in the placement, and are expected to be allotted on September 9.
The proceeds of the SPP and placement will be used for development and construction of the Finniss lithium project, with the additional SPP funds used for accelerating assessment of acquisition and exploration opportunities, expanded resource drilling on high priority pegmatite targets and lithium projects, and working capital.
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