viewLithium Australia NL

Lithium Australia launches rights issue to raise up to $6.5 million

The issue is attractively priced at 6 cents per share (discount of 28% to the 5-day VWAP)

For every two new shares, shareholders will receive one new option

Lithium Australia NL (ASX:LIT) is raising up to $6.5 million via a renounceable rights issue offered on a 1 for 6 basis at 6 cents per share.

The offer includes one attaching listed option (exercise price of 12 cents and expiring 2 years) for every two new shares subscribed for under the rights Issue.

Importantly, the rights issue provides eligible shareholders an opportunity to take up new shares proportional to their shareholding or partly paid shareholding and avoid dilution.

The rights Issue is partially underwritten to $1.5 million by CPS Capital Group Pty Ltd.

Funds raised from the rights issue will be used for:

• Lithium raw materials including exploration on Youanmi and Medcalf

READ: Lithium Australia establishes 185 million tonne vanadium resource at Youanmi

• Lithium chemicals including development of SiLeach® LieNA® and L-Max®

READ: Lithium Australia produces high-purity battery material using proprietary SiLeach process

• Lithium batteries including VSPC pilot plant operations and DLG alliance
• Lithium battery re-cycling including Envirostream transaction

The company recently successfully generated lithium phosphate from waste materials using its 100% owned SiLeach® process.

Furthermore, LIT has, together with ANSTO, developed a simple means of removing impurities from the lithium phosphate resulting in an exceptionally high-purity refined product, suitable for the manufacture of lithium ion batteries (LIBs), and in particular, those with lithium iron phosphate (LFP) chemistry.

Quick facts: Lithium Australia NL

Price: 0.07 AUD

Market: ASX
Market Cap: $39.53 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Lithium Australia NL named herein, including the promotion by the Company of Lithium Australia NL in any Content on the Site, the Company...



Full interview: Lithium Australia secures $6.3 million through funding...

Lithium Australia NL (ASX:LIT) managing director Adrian Griffin updates Proactive on a $6.4 million funding agreement with The Lind Partners, long-time supporters of the company's diversified battery strategy. Lind has agreed to invest in the company through a convertible security and share...

on 18/12/19

2 min read