Core Lithium (ASX:CXO) announces share purchase plan to raise $20m

• Core Lithium (CXO) announces a share purchase plan to investors in an effort to raise roughly $20 million
• Eligible shareholders will be able to buy new Core shares at 40 cents apiece
• Investment options range from $2500 to $30,000 as part of the SPP
• The SPP runs from August 28 to September 15
• Core Lithium is down 4.88 per cent, trading at 39 cents at 2:38 pm AEST

Core Lithium (CXO) has announced a share purchase plan to investors in a bid to raise approximately $20 million.

The SPP follows a recently completed fully underwritten institutional placement worth $100 million, announced on August 16, 2023.

Eligible shareholders who participate in the SPP can purchase new Core shares at an issue price of 40 cents, the same price paid by institutional investors in the placement.

Eligible shareholders can apply for shares in amounts ranging from $2500 to $30,000.

All new shares issued under the SPP will have equal standing with existing shares.

Funds raised from the SPP will primarily be used for working capital purposes. The capital from the previously completed placement will be allocated to various initiatives, including the progress of BP33 early works, plant optimization, exploration programs, and general working capital.

The SPP offer opens on August 28 and is set to close on September 15.

Core Lithium was down 4.88 per cent, trading at 39 cents at 2:38 pm AEST.