Vulcan eyes A$109m capital raise
PERTH (miningweekly.com) – ASX-listed Vulcan Energy has launched a A$109-million single tranche share placement to sophisticated and professional investors to progress its renewable energy and lithium project.
The company will place 21.4-million shares at a fixed price of A$5.10 each, representing a 17.2% discount to Vulcan’s last trading price on the ASX, and a 14.1% discount to the company’s ten-day volume weighted average share price.
The new shares will be issued under the company’s existing placement capacity and will not require shareholder approval.
Vulcan told shareholders on Thursday that proceeds from the placement, along with existing cash, would be used to progress its Zero Carbon lithium project, including ordering long-lead capital items for the Phase 1 lithium plant, and for the Phase 1 renewable energy plant.
Funds will also be used on other Phase 1 project executions, including drilling of new production wells, the acquisition of land for a lithium extraction plant and brine production sites, to fund engineering costs associated with the Phase 1 execution and for its in-house lithium extraction sorbent co-investment for local commercial production.
Funds will also go towards three-dimensional seismic acquisition for the Phase 2 development.
Phase 1 of the Zero Carbon lithium project, in Germany, has estimated a capital cost of €1.49-billion, and will produce 240 000 t/y of lithium hydroxide monohydrate, with more than 300 GWh/y of renewable power and more than 250 GWh/y of renewable heat production.
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