- Infinity Lithium (INF) has received firm commitments to raise $2.2 million for its San José Lithium Project in Spain
- More than 31.4 million shares will be issued to Australian and European institutional and sophisticated investors at seven cents each
- Additionally, participants will be issued one attaching unlisted option for every two shares subscribed for, however, this is subject to shareholder approval
- The company will use the money to advance technical work with aims to deliver a project feasibility study and for general working capital
- Infinity is now planning an entitlement offer to raise an additional $2.4 million
- Company shares are up a steady 10.4 per cent and are trading for 8.5 cents each just before market close
Infinity Lithium (INF) has received firm commitments to raise $2.2 million for its San José Lithium Project in Spain.
The company entered back-to-back trading halts on September 2 in regards to the placement but did not know how much it would be raising at the time.
More than 31.4 million shares will be issued to Australian and European institutional and sophisticated investors at seven cents each.
Additionally, participants will be issued one attaching unlisted option for every two shares subscribed for. These options have an exercise price of 12 cents and will expire two-years from issue.
Shares are expected to settle on September 11 and be quoted on September 14.
“The placement has been very well supported in Europe by institutional and sophisticated investors that are focused on the inevitable E.U. transition to electric mobility,” CEO and Managing Director Ryan Parkin said.
“Europe continues to rapidly progress sustainable projects aligned to the E.U. battery supply chain, and the inclusion of lithium on the E.U. critical raw material list has highlighted the strategic importance of lithium and more importantly lithium chemical production in Europe,” he added.
Infinity will use the money to advance technical work with aims to deliver a project feasibility study and for general working capital.
“The support received through the placement will underpin the progression of the feasibility study that will build on the momentum in E.U. which includes the recently announced new funding avenues aligned to the development of critical raw materials,” Ryan said.
Infinity is now planning an entitlement offer to raise an additional $2.4 million with more information to be released shortly.
Company shares are up a steady 10.4 per cent and are trading for 8.5 cents each at 4:10 pm AEST.