- Altura Mining (AJM) is planning to raise $2 million in additional capital for its Mallina and Fish Lake lithium projects
- The materials stock is offering a 1 for 8.5 pro-rata non-renounceable entitlement offer to eligible shareholders, with new shares worth 0.5 cents each
- AJM also flagged plans to raise $6.5 million in capital via an equity raise to institutional and sophisticated investors back in October
- Company shares have been suspended from trading on the ASX since August last year, with AJM securities previously priced at 7 cents each
- Altura is planning to change its name to Morella Corporation and be re-admitted to quotation by the end of 2021
Altura Mining (AJM) is planning to raise $2 million in additional capital for its Mallina and Fish Lake lithium projects.
The materials stock has announced a 1 for 8.5 pro-rata non-renounceable entitlement offer, with new shares worth 0.5 cents each.
The issue price is a considerable discount to the company’s last traded price of 7 cents per share. However, AJM has been suspended from trading since August 2020.
The new entitlement offer will open on November 19 and close on November 30, with more than 400 million new shares to be issued under the entitlement offer.
The money will help advance Mallina, AJM’s asset in the Pilbara region of WA, as well as the Nevada-based Fish Lake Lithium Project.
Altura previously announced in October it would raise $6.5 million in extra capital via an equity raise to institutional and sophisticated investors.
AJM also announced plans last month to change the company’s name to Morella Corporation, to better reflect it’s focus on battery materials.
The name-change will be decided at an upcoming Annual General Meeting of shareholders which is due to occur at the end of the month.
Altura said it was hopeful of being re-admitted to quotation on the ASX by the end of the year, once its capital raises and name change were completed.
Altura Mining shares last traded for 7 cents each.