Mineral Resources takes a stake in Global Lithium
PERTH (miningweekly.com) – ASX-listed Global Lithium Resources will raise A$29.9-million in a share placement to fund work at its Marble Bar lithium project, with fellow-listed Mineral Resources taking a A$13.6-million stake in the junior company.
The capital raising was conducted at A$1.35 a share, representing a 10.8% discount to Global Lithium’s 15-day volume weighted average share price.
Mineral Resources took up 10.1-million shares in Global Lithium, becoming a cornerstone investor in the company, while a further 8.3-million shares were placed with institutional and sophisticated investors, raising a further A$11.3-million.
Shareholder Yibin Tianyi Lithium Industry Co subscribed for A$4.3-million of the placement, through the issue of 3.2-million new shares, to maintain its 9.9% shareholding in Global.
“As Global Lithium continues to advance our growth strategy with a significant West Australian lithium portfolio in Tier-1 locations, we are delighted to welcome Mineral Resources as a cornerstone investor in this capital raising. Alongside Suzhou TA&A, who continue to maintain their 9.9% stake, the board is very excited about the depth of knowledge and lithium industry experience within the Company and through its key stakeholders,” said nonexecutive chairperson Warrick Hazeldine.
“We look forward to developing a long-term working relationship with Mineral Resources given the company’s unrivalled track record in successfully bringing operations into production quickly, processing of hard rock lithium ores and downstream processing.”
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