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Anson Resources raising funds to support ongoing Paradox lithium carbonate testing

Funds raised will be used for the design and engineering of an in-field industrial-scale pilot plant as well as general working capital.

Lithium on table of elements
Anson is aiming to raise $3 million for product qualification testing and marketing

Anson Resources Ltd (ASX:ASN) has completed exploration drilling at its Paradox Brine project in Utah, USA, and is now focusing on the production of lithium carbonate chemical samples for product qualification testing and for marketing to battery cathode manufacturers.

The production of lithium carbonate chemical samples is being managed by Anson’s recently appointed director and technical advisor Alexander Grant, who is co-founder of Anson’s lithium extraction partner, Lilac Solutions Inc.

Following the extraction of lithium in eluate form by Lilac, further downstream processing will be undertaken to produce lithium carbonate chemicals for the next phase — product qualification testing and for marketing to battery cathode manufacturers.

READ: Anson Resources stakes vanadium claims in Utah

The company has received a placement commitment of $1.65 million from strategic investor Chia Tai Xingye International of 27.5 million fully paid ordinary shares at an issue price of 6 cents per share.

Anson intends to offer shareholders the opportunity to increase their holdings in the company, on the same terms as the placement, through a share purchase plan to raise up to about $3 million via the issue of up to 50 million fully paid shares at an issue price of 6 cents per share.

The placement to Chia Tai Xingye International is a further commitment to the project and Tai Xingye International continues to express interest and provide further funding for the project.

Quick facts: Anson Resources Ltd

Price: 0.02 AUD

Market: ASX
Market Cap: $15.67 m

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Anson Resources initiates $3 million fundraising to advance its Paradox...

Anson Resources Ltd (ASX:ASN) CEO Bruce Richardson tells Proactive the firm has launched a share purchase plan (SPP) offer to raise up to $2 million as part of a $3 million capital raising effort to advance its Paradox Brine Project in Utah. Richardson says the funds raised will be used to...

on 17/6/20

2 min read