viewCore Lithium Ltd

Core Lithium raises $3 million, DFS expected March quarter

Funding will go towards developing the Finniss Lithium Project in the Northern Territory.

highway sign that reads Funding next exit
The DFS is being updated to include recent material resource upgrades

Core Lithium Ltd (ASX:CXO) has received commitments to raise around $3 million in funding through the placement of 60 million shares priced at 5 cents.

The capital raising was strongly supported by the company’s binding off-take partner Yahua and non-binding off-take partner Ruifu, being two of China’s largest lithium producers.

Funding will accelerate resource drilling programs of the recently discovered prospects and delivery of the expanded scope of the definitive feasibility study (DFS).

Resource drilling will target the Carlton, Hang Gong and Lees-Booth Link prospects.

READ: Core Lithium eyes higher valuation potential for Finniss Lithium Project

Core’s managing director Stephen Biggins said: “We are pleased to have such strong support for this capital raising, particularly by experienced players in the lithium space, Yahua and Ruifu, which is a significant demonstration in their belief in the Finniss Lithium Project.

“I would also like to welcome our new shareholders and thank our existing shareholders that participated in the placement.

“We look forward to delivering on our expanded DFS and creating value for our existing and new shareholders as we march towards development in 2019.”

Construction timetable unchanged

The expanded DFS is now targeting for delivery late in the March quarter 2019.

The timetable is unchanged for construction to begin at the Finniss Lithium Project, which is targeting commencement in mid-2019.

Quick facts: Core Lithium Ltd

Price: 0.072 AUD

Market: ASX
Market Cap: $71.59 m

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