Infinity Lithium Corporation Ltd (ASX:INF) has launched a non-renounceable pro-rata offer of one new share for every eight shares held on September 21 at an issue price of 7 cents per share to raise up to $2.4 million before costs.
This offer is on the same terms as a recently completed placement which raised $2.2 million before costs.
Funds from the capital raising will be put towards completing a feasibility study on the San José Lithium Project in Spain as well as working and other capital requirements.
Infinity Lithium aims to serve Europe's growing need and commitment for a self-sufficient battery industry as part of securing the path to a cleaner energy future.
The entitlement offer is available to all shareholders registered at 5.00pm (WST) on the record date whose registered address is in Australia or New Zealand.
Infinity is also proposing to issue 1 free attaching option to the placement participants exercisable at 12 cents each for every 2 Shares subscribed for, subject to the receipt of shareholder approval.
A general meeting seeking the necessary shareholder approval for the issue of the free-attaching options to the placement participants will be convened shortly.
Eligible shareholders also have the opportunity to subscribe for any securities that are not subscribed for under the entitlement offer pursuant to the shortfall offer subject to such applications being received by the closing date.
The entitlement offer under the prospectus is scheduled to close at 5.00pm (AWST) on Monday, October 12.
Eligible shareholders wishing to participate in the entitlement offer and shortfall offer must apply for new securities before this time in accordance with the instructions set out in a prospectus.
More information regarding this offer will be set out in the prospectus, to be mailed to eligible shareholders shortly.
The entitlement offer is non-renounceable and therefore entitlements will not be tradeable on the ASX or otherwise transferable.
Key dates are set out below: