Pilbara completes institutional offer
PERTH (miningweekly.com) – Lithium miner Pilbara Minerals has raised A$61-million under its institutional entitlement offer, to partly fund the acquisition of the Altura project, in Western Australia.
The company earlier this week announced plans to raise A$240-million to fund a share sale agreement with ASX-listed Altura Mining, to gain ownership of that company’s Pilgangoora lithium project, for A$175-million.
Pilbara’s equity raise will comprise a A$119-million placement to shareholders AustralianSuper and Resource Capital Fund VII, as well as a 1-for-7.6 fully underwritten entitlement offer, priced at 36c a share, to raise a further A$121-million.
The company on Wednesday reported that the institutional component of the entitlement offer had now been completed, raising some A$61-million from the issue of 169-million new shares, with some 96% of the entitlements subscribed for.
“We are very pleased with the extremely strong support for the entitlement offer shown from our institutional shareholders. This represents a clear endorsement of Pilbara Minerals’ highly strategic acquisition of the neighbouring Altura project on an unencumbered basis,” said Pilbara MD Ken Brinsden.
“The acquisition is expected to deliver significant benefits to Pilbara Minerals shareholders, including realization of tangible operational synergies and consolidates our leading position in the Australian lithium market.”
The retail component of the entitlement offer is expected to raise a further A$60-million, through the issue of 168-million new shares.
The retail component will open on December 18 and will close on January 11.
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