https://www.miningweekly.com
Gold|Operations
Gold|Operations
gold|operations

Shareholders rush to Mali Lithium raise

23rd October 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Mali Lithium has raised A$9.8-million in a heavily oversubscribed share purchase plan (SPP).

The company in September announced plans for a A$6-million SPP, as part of a greater A$70-million capital raise to fund the acquisition of the Morila gold mine from majors Barrick and AngloGold.

An initial 47.6-million shares were placed under Mali Lithium’s initial placement capacity, priced at 16c a share to raise A$7.6-million, while a second tranche placement of some 354.2-million shares would be subject to shareholder approval at a meeting expected in late October.

The company on Friday revealed that the SPP, which had also been priced at 16c a share and allowed shareholders to subscribe for up to A$30 000 of additional shares, had been heavily oversubscribed, raising A$9.83-million.

“We are truly humbled by the support of our shareholders. To have received such an outstanding response is a fantastic endorsement of our strategy to create shareholder wealth through the rapid scale-up of operations at our recently acquired Morila gold mine,” said Mali Lithium executive chairperson Dr Alistair Cowden.

“More so, this massive vote of confidence from our existing shareholders gives credence to our vision to become a midtier gold producer.”

Cowden said that along with the placement proceeds, the company had now raised A$74-million, with a significant portion of the funding to be deployed to rapidly scale-up gold assets, including the imminent deployment of drill rigs.

Edited by Creamer Media Reporter

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.068 0.101s - 92pq - 2rq
Subscribe Now