Easter Iron raises funds

17th September 2021 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Junior Eastern Iron will raise A$3.57-million in a share placement, which will include a A$1.05-million share subscription from China’s Ya Hua International Investment and Development.

The placement will be undertaken under the company’s existing placement capacity, and will be priced at 2.3c each. Yahua would subscribe for some 45.5-million shares in the company, along with 9.1-million options exercisable at 1.2c each and expiring at the end of January 2023.

“We welcome Yahua as a cornerstone investor of Eastern Iron and are delighted with their financial commitment towards progressing a strategic partnership to acquire and develop Australian lithium projects. Given the current global demand for lithium and battery metals, we believe an investment from one of the largest lithium battery material producers in the world validates our strategy and demonstrates our willingness to provide green energy solutions for future generations,” said chairperson Eddie King.

The Yahua placement is subject to a subscription agreement, which includes certain conditions precedent including obtaining all necessary government regulatory and shareholder approvals. The conditions must be satisfied or waived by the end of December.

Eastern Iron on Friday said that funds from the placement would provide the company funding to expedite work at its existing projects in Victoria.