PERTH (miningweekly.com) – Lithium developer Infinity Lithium Corporation has received firm commitments for a A$15-million capital raise to advance its San Jóse lithium project, in Spain.
“Infinity is very pleased to have received such strong support from new and existing investors as the company advances the San Jóse lithium project through to a final investment decision,” said Infinity MD and CEO Ryan Parkin.
“The funds raised in this placement will be applied to accelerate the class 3 feasibility study work due for completion later in 2021 and position the company well as it transitions to a stronger European base.”
The feasibility study is targeted for release in the fourth quarter of 2021.
More than 79.4-million shares will be placed at a price of 19c each under the company’s existing placement capacity, meaning shareholder approval would not be required.
“The overwhelming demand for the placement shows that the international investment community understands that the inevitable, wide-spread transition to electric mobility will result in critical shortages in lithium-ion battery materials,” said Parkin.
“European Union (EU) policy is aligned with the goals of the European Battery Alliance to develop a fully integrated European battery supply chain. Long life projects such as San Jóse are recognised as being crucial to achieving these goals and are ideally positioned to benefit from low-cost EU funding such as the €750-billion Coronavirus Recovery Fund.”