PERTH (miningweekly.com) – ASX-listed junior Core Lithium will raise A$3-million through a share placement to accelerate resource expansion and an expanded definitive feasibility study (DFS) at its Finniss lithium project, in the Northern Territory.
The company on Monday said that it has received firm commitments to place some 60-million new shares, at a price of 5c each, to raise the capital.
The company’s offtake partners Yahua and Ruifu have committed to a combined A$1.5-million of new equity, with the balance of the placement going towards sophisticated and professional investors, as well as a number of existing shareholders.
“We are pleased to have such strong support for this capital raising, particularly by experienced players in the lithium space, Yahua and Ruifu, which is a significant demonstration of their belief in the Finniss lithium project,” said Core MD Stephen Biggins.
The shares will be issued under the company’s existing placement capacity, with the funds raised going towards progressing the Finniss project toward development, including the completion of a DFS and an accelerated resource definition drilling programme.