PERTH (miningweekly.com) – Lithium developer Global Lithium Resources has completed its A$10.1-million share purchase plan (SPP) as part of the funding solution to fund the Manna lithium project acquisition.
Global said on Wednesday that the company had received valid applications exceeding A$13.8-million, with the average application amount reaching A$15 000. The company undertook a scale-back of the applications in order to reach its A$10.1-million target.
Some 4.5-million new shares, at a price of A$2.25 each have now been issued under the SPP, and will start trading on December 1.
In addition to the SPP, Global also raised A$111.4-million through a share placement, partly to fund the A$60-million acquisition of the Manna lithium project and the remaining 20% interest in lithium rights over tenements held by ASX-listed Breaker Resources.