PERTH (miningweekly.com) – Perth-based Lithium Australia could raise up to A$12.6-million under a share purchase plan (SPP).
Shareholders registered in Australia and New Zealand will be eligible to take part in the SPP, and will have the opportunity to acquire a minimum of A$2 000 and a maximum of A$15 000 worth of new shares.
The new shares will be priced at 18c each, with the offer price representing a 14% discount to the company’s five-day volume-weighted average share price.
Lithium Australia MD Adrian Griffin said on Thursday that the company had maintained a policy of creating real value for shareholders, adding that this had been achieved by fostering shareholder support through bonus issue of contributing shares.
“Lithium Australia recognises it is often difficult for retail investors to take advantage from discounted capital raisings, which in the most part, remain in the realm of sophisticated and professional investors. With that in mind, we have decided to offer those shareholders on the register, at the close of business on October 5, the opportunity to expand their holding at a discount to market, by way of this SPP.”
The SPP will close on November 7, and will not be subject to shareholder approval.
Lithium Australia is developing disruptive lithium extractive technologies, and recently completed a successful pilot plant campaign of its Sileach process to recover lithium from silicates.
Edited by: Creamer Media Reporter
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