Core completes massive placement

17th August 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Lithium miner Core Lithium has successfully completed its A$100-million institutional placement, announced earlier this week.

The company on Thursday said that 250-million new shares were being issued under a fixed price of 40c a share, with the placement supported by existing shareholders and new domestic and offshore institutional investors.

“We are pleased with the support demonstrated by new and existing institutional investors in the placement, and we thank our long-term shareholders for their continued support,” said Core Lithium CEO Gareth Manderson.

“Importantly, the proceeds provide us with the opportunity to continue progressing our strategic priorities including optimising recoveries and delivering on our growth objectives, including BP33 early works to maintain the final investment decision timeline, targeted for the first quarter of 2024. In addition, we are excited with our planned exploration programme over the next 12 months which aims to deliver mine life extensions and further resource definition at Finniss.”

In addition to the institutional placement, Core is also undertaking a share purchase plan (SPP) to raise a further A$20-million. The SPP will open on August 28 and close on September 15.