PERTH (miningweekly.com) – Lithium developer Core Lithium has completed its A$91-million capital raise announced earlier this month, as part of a larger capital raise.
Core previously unveiled a A$106-million capital raise to fund the development of its Finniss lithium project, in the Northern Territory, consisting of the fully underwritten placement and a share purchase plan (SPP).
Core on Wednesday told shareholders that it had received firm commitment for the placement of 293-million shares, at a price of 31c each. The settlement of the new shares is expected on August 16.
“We are very pleased with the overwhelming support received in the placement in this transformational moment for Core. We thank our existing shareholders for their ongoing support and welcome a number of new, high quality institutional investors to our register, supporting our journey to being Australia’s next lithium producer,” said Core MD Stephen Biggins.
“Together with the Gangfeng equity investment and the SPP, we are now fully funded to complete Stage 1 development of Finniss and have the financial flexibility to assess future growth initiatives. With the support of our high quality shareholder base, we look forward to executing on our plan to commence anticipated first production in late 2022.”
Meanwhile, the SPP, which is targeted to raise a further A$15-million, will open on August 13 and will close on September 2.