PERTH (miningweekly.com) – Lithium developer Core Lithium has completed its fully underwritten placement raising A$100-million.
The company on Monday said that it had received firm commitments for the placement of some 97.1-million shares, at a price of A$1.03 each, with the placement well supported by new and existing domestic and global institutional investors.
The shares would be placed under Core’s existing placement capacity, and would not require shareholder approval. The share placement would likely take place on October 7, with allotment scheduled for October 10.
The placement would also allow Core to maintain a strengthened balance sheet during the construction and ramp-up phases of the Finniss project, and provides the company with increased financial flexibility to assess a range of options for future growth.
Core remains on schedule for first lithium concentrates at Finniss by the first half of 2023.