- Arizona Lithium (AZL) raises $32.5 million through a placement to fund its Big Sandy lithium project in the United States
- A total of 260 million new shares will be issued over two tranches at price of 12.5 cents each
- One attaching option will be issued for every two new shares subscribed for, exercisable at 18 cents and expiring in two years
- The funds will used for its Big Sandy project including design and construction of the research facility, land acquisition, exploration drilling and a pre-feasibility study
- Shares were trading 3.33 per cent lower at 14.5 cents each
Arizona Lithium (AZL) will raise $32.5 million through a placement to fund its Big Sandy lithium project in the United States.
A total of 260 million new shares will be issued over two tranches at price of 12.5 cents each.
One attaching option will be issued for every two new shares subscribed for, exercisable at 18 cents and expiring in two years.
The funds will used for its Big Sandy project in Arizona, including design and construction of the research facility, land acquisition, exploration drilling, and a pre-feasibility study.
Managing Director Paul Lloyd said the funds will help progress the project to lithium production.
“The funds will be used to fast track the metallurgical test work, including the preparation of a processing flow sheet and design of a research facility, which all represent important milestones in the development of the project,” he said.
“Importantly, the proceeds will also be used for additional exploration drilling with the aim of further expanding the resource at Big Sandy, as we concurrently continue with the sustainable development of the project.
“With only 4 per cent of the total project area drilled to date, the planned drilling program represents a significant opportunity to create additional shareholder value.”
Shares were trading 3.33 per cent lower today at 14.5 cents each at 10:17 am AEDT.