- Global Lithium Resources (GL1) to raise $30 million to speed up exploration to accelerate exploration programs at Marble Bar and Manna lithium projects in WA
- Mineral Resources (MIN) took advantage of the raise and agreed to invest $13.6 million for a five per cent stake in Global Lithium
- Suzhou TA&A Ultra Clean Technology, the controlling shareholder of Yibin Tianyi Lithium Industry, maintains its 9.9 per cent interest via a $4.3 million placement
- Shares under the raise have been offered at $1.35 each, a 10.8 per cent discount to the 15-day volume-weighted average price
- On the market this morning, Global Lithium is up 5.33 per cent and trading at $1.68 per share
Global Lithium Resources (GL1) receives firm commitments for a $29.9 million capital raise to speed up exploration at its Western Australian lithium projects.
The raise has seen interest from Mineral Resources (MIN) which has agreed to invest $13.6 million for a five per cent stake.
Suzhou TA&A Ultra Clean Technology, the controlling shareholder of Yibin Tianyi Lithium Industry, continues to support Global Lithium, maintaining its 9.9 per cent interest via a $4.3 million placement.
A further $11.3 million will be raised to institutional and sophisticated investors, with Global Lithium directors grabbing $700,000 worth of shares, subject to shareholder approval.
Shares under the raise have been offered at $1.35 each, a 10.8 per cent discount to the 15-day volume-weighted average price.
Funds from the raise will be used to accelerate exploration programs and study work at Global Lithium’s Marble Bar project in the Pilbara and the Manna project in the Goldfields.
“As Global Lithium continues to advance our growth strategy with a significant West Australian lithium portfolio in tier one locations, we are delighted to welcome Mineral Resources as a cornerstone investor in this capital raising,” Non-Executive Chair Warrick Hazeldine said.
“Alongside Suzhou TA&A, who continues to maintain their 9.9 per cent stake, the board is very excited about the depth of knowledge and lithium industry experience within the company and through its key stakeholders.
“We look forward to developing a long-term working relationship with Mineral Resources given the company’s unrivalled track record in successfully bringing operations into production quickly, processing of hard rock lithium ores and downstream processing,” he concluded.
Argonaut and Euroz Hartleys acted as joint lead managers for the capital raising.
Allotment of new shares is anticipated to be March 21.
On the market this morning, Global Lithium was up 5.33 per cent and is trading at $1.68 per share at 10:55 am AEDT.