Lithium Australia raises cash for commercialisation efforts
PERTH (miningweekly.com) – ASX-listed Lithium Australia will raise A$12.1-million in a share placement to fund the commercialisation efforts of the company’s subsidiaries Envirostream Australia and VSPC.
Lithium Australia on Wednesday announced that it had received firm commitments for the placement of more than 185.7-million shares, priced at 6.5c each from professional investors.
The share placement will include one free attaching option for every two shares subscribed for, exercisable at a price of 10c each and expiring three years from the date of issue.
“We are very pleased with the strong support from existing and new shareholders for the capital raising. This funding puts us in a strong position to continue to progress our core opportunities of battery recycling and advanced cathode materials. This is an exciting time for the company and we look forward to delivering on our strategy,” said Lithium Australia chairperson George Bauk.
Envirostream is Lithium Australia’s battery recycling business. Funds will be used to drive the increase of safe recycling of spent battery volumes at its operational facilities in Victoria. A national expansion study will also be undertaken during 2023.
VSPC is developing advanced powders for next generation lithium-ion batteries, especially lithium ferro phosphate (LFP). Funds will be used to complete engineering studies for the expansion of our current facilities and to advance offtake and raw material relationships for the LFP supply chain.
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